Maryland protects money paid in advance for a funeral by requiring the seller to hold it in escrow or trust. Final expense insurance takes a different route: it is a life policy that pays cash to your beneficiary when the time comes.
Life insurance in Maryland is regulated by the Maryland Insurance Administration (MIA). The MIA licenses agents and insurers and handles consumer complaints.
Maryland gives you 10 days to review a new individual life policy and return it for a refund of premium. If the policy replaces existing coverage, the free-look period is 30 days.
The State Board of Morticians and Funeral Directors, part of the Maryland Department of Health, regulates preneed funeral contracts. The seller must keep buyer payments in an escrow or trust account until the services are provided. With final expense insurance, the beneficiary receives the benefit directly and chooses the provider.
30 days. Other new individual life policies in Maryland carry a 10-day free-look period.
The seller must hold it in an escrow or trust account until the services are provided, under rules enforced by the State Board of Morticians and Funeral Directors.