Funeral Directors Life Announces Ohio Recovery Fund Fee Payment Program

November 26, 2018

[embed]https://vimeo.com/299751373[/embed]

ABILENE, TX – Funeral Directors Life Insurance Co. is proud to announce a new program in which the company will pay for the Ohio Recovery Fund fee for any policies underwritten by Funeral Directors Life, as well as handle all the administration and reporting to the state.

Effective September 29, 2017, Ohio became one of 15 states with a fund specifically created to protect a consumer who purchased a preneed funeral contract. The Preneed Recovery Fund established under Ohio Revised Code 4717.41, is a consumer protection fund used to reimburse purchasers of preneed funeral contracts who have suffered financial loss as a result of malfeasance, misfeasance, default, failure, or insolvency in connection with the sale of a preneed funeral contract by any individual licensed by the State of Ohio Board of Embalmers and Funeral Directors. Ohio law now requires a funeral director licensed by the Board to collect a $10 fee during the sale of any new preneed funeral contract sold within the state.

“If you are like most funeral directors in Ohio, you are frustrated by your limited options when it comes to the new $10 Recovery Fund fee,” said Kevin Gaffney, Regional Sales Vice President of Funeral Directors Life. “Some funeral directors have passed the fee on to the family, some have written it into preneed contracts, and some have decided to pay the fee out of their own pocket. We believe none of these options are ideal.”

Gaffney went on to say that Funeral Directors Life has announced a new solution: “Let us pay the fee,” said Gaffney. “Beginning January 1, 2019, we will pay the Recovery Fund fee associated with new policies written with our company. With Funeral Directors Life as your preneed partner, your quarterly payments will be paid on time with no need to cover the cost yourself or ask families for an extra $10 on top of their preneed contract amount. We will also handle all the administration and reporting to the state. It couldn’t be easier. Our hope is that this Recovery Fund Fee Payment Program will simplify your life and aid in the explanation of the Recovery Fund at the time of sale.”

Funeral Directors Life is the only insurance company that will be paying the Recovery Fund fee for Ohio funeral homes. For more information, contact Funeral Directors Life at 800-692-2610.

About Funeral Directors Life

Funeral Directors Life is a life insurance company which specializes in the sale of prepaid funeral insurance policies and annuities. Funeral Directors Life is committed to serving our clients, policyholders, and employees as the leading provider of service to the funeral profession. For more information about Funeral Directors Life, visit us online at www.funeraldirectorslife.com.

How can we help you?

* required fields

Submit an Idea