Pennsylvania requires funeral directors to place every dollar of preneed funeral money in escrow or trust at a Pennsylvania bank. Final expense insurance, by contrast, is life insurance that pays your beneficiary directly.
The Pennsylvania Insurance Department licenses life insurance agents and carriers and handles consumer complaints.
Your policy states how many days you have to review it and return it for a refund, so read that notice when the policy arrives. When a new policy replaces existing coverage, Pennsylvania's replacement rules give you 20 days.
Pennsylvania funeral directors must deposit 100% of preneed funeral money in escrow or trust at a Pennsylvania bank, under rules overseen by the State Board of Funeral Directors. A final expense policy pays cash to your beneficiary, who can use it with any provider or for other bills.
The funeral director must deposit all of it in escrow or trust at a Pennsylvania bank, under rules overseen by the State Board of Funeral Directors.
20 days under Pennsylvania's replacement rules. For other new policies, the review period is printed on the policy.