The death of a loved one is always a traumatic time. But, in the midst of the grieving process, a funeral needs to be arranged and ultimately paid for. This is done by means of a grant of probate. This process can take a long time to complete. In such cases, the probate process must be complete before a full claim is paid. Research indicates that, on average, it takes 489 days to receive a grant of probate in Ireland.
This could cause a significant impact to your family’s financial position during the intervening period. This means that even though you have taken positive measures to protect your family financially, if you were to pass away there may not be immediate funds available to pay for a funeral.
A leading Life Company has introduced a feature which can help to bridge that gap. The company will pay for Funeral Director costs where they accept a death claim but payment is delayed due to probate. They will pay an advance payment of the cover in place, up to the value of €10,000, to cover Funeral Director Costs. The Funeral costs will then be deducted from the lump sum the policy will provide, as soon as a grant of probate has been achieved.
This advance payment is only available to cover costs from Funeral Directors, which can include: a coffin, burial costs, church fees, cremation, death notices, plot, services of Funeral Director, e.g. hearse/car.
The payment will be made to the Funeral Director directly or to the Executor(s) of the estate. Brokers and Executor(s)/Solicitors acting on behalf of the family will be notified of this payment once it has been made. This feature is limited to death claims and only covers Funeral Director costs up to a maximum value of €10,000.
How can my family avail of the Funeral Payment Helping Hand?
They can make contact with your Financial Broker as soon as possible and where probate may be an issue or delayed, your Broker will explain the policy and make contact with the Life Company on your behalf.
The Funeral Director’s invoice or receipt will then be required.
Payment will be made to the Funeral Director directly or to the Executor(s) of the estate.
The Broker will let the relevant people know, e.g. Executor(s)/Solicitors, once the advance payment has been made.