Tag: Funeral Insurance

Finance Preneed

Security National Financial acquires Kilpatrick Life Insurance

In a press release dated today out of Murray, Utah, we learned that the Security National Financial Corporation (SNFC) has closed on its purchase of the Kilpatrick Life Insurance Company domiciled in Louisiana.  Both companies operate to some degree in the pre-need funeral funding insurance market. You can read the press release as provided from Globe Newswire here. Scott M Quist, President of Security National is quoted in the press release, “We view this acquisition as strategic with regards to […]

Preneed

Preneed: Do you know your competitors?

I’ve been involved in the funeral business long enough to see the State of Minnesota move, in what I consider a more consumer friendly way, in respect to the business of preneed.  I can go back to the 1980’s when we were only allowed to put a consumer’s designated funeral funds into a bank guaranteed certificate of deposit. I’ve seen the preneed movement in our state then go to insurance sold by designated agents not affiliated with funeral homes to, […]

Finance

Funeral Director Life ratings revised upward

In this release on Business Wire from the A.M. Best Company issued last week, the insurance ratings firm “has revised the outlook to stable from negative and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-term ICR) of a- of Funeral Directors Life Insurance Company (FDLIC) of Abilene, Texas.” At the same time the FSR and the ICR of FDLIC wholly owned subsidiary, Kentucky Funeral Directors Life Insurance Company (KFDLIC) of Lexington, Kentucky, […]

Preneed

Funeral homes and the law

Every once in a while we hear stories of funeral homes being investigated for acts that would be contrary to the laws of their respective states.  This weekend we happened to notice two such articles in newspapers that dealt with funeral homes potentially running afoul of the preneed laws of their state. The first article deals with a cease and desist order for an Iowa funeral director and two funeral homes that had been under his jurisdiction.  This is an […]

Preneed

United Kingdom insurer, DeadHappy, plans move to death care ideas

DeadHappy, the United Kingdoms technical insurance startup that recently received about US $ 5 million in Series A funding, announced in this  article from Techcrunch, that they hope to get more involved in the wishes of their insured, including making sure that your funeral is the way you want it. The company was founded in 2017 and claims to be the United Kingdom’s first fully digital pay-as you-go life insurance provider.  According to the Techcrunch article that means that their […]

Regulations

Australian pre-need insurer faces investigation and civil action

This article from the Sydney Morning Herald relates to the Australian Securities and Investments Commission (ASIC) that, according to that article, commenced action last week against funeral and accident insurance company Select AFSL  and its director, Russell Howden. The article mentions that the company faces a lawsuit from Australia’s corporate regulator over what they call “coercive sales tactics”.  It is alleged that Select AFSL offered staff trips to Las Vegas and other prizes for pushing funeral insurance policies to vulnerable […]

Preneed

Your firm and your pre-need partner

I happened to drive by the Douglas County Fairgrounds earlier this week and notice that the fair was already upon us.  That signaled to me that the end of summer was not too far off and gave me an idea for writing a post about the fall season being a great time to capitalize on pre-need volume for your funeral home. Little did I think when I drove by the fairgrounds that it would lead to a series of articles […]

Preneed

How does your firm view pre-need?

I wrote a story yesterday on the timing of advertising telling consumers about the benefits of pre-planning one’s own funeral or cremation services.  When I did that article I did not envision a follow-up or series of pre-need articles, but a day later here is another angle I have thought about often concerning pre-need and how it fits in with your funeral home’s service to consumers and/or your funeral homes profitability or compensation. I will admit that serving my entire […]

Preneed

Looks like this story will end well

Last October we brought you a story about an Austin, Texas, funeral home where the Texas Department of Banking (TDB) had opened an investigation.  You can read about that story concerning the Austin-Peel and Son Funeral Home here. The investigation was opened because the TDB had reason to believe that the funeral home had illegally sold prepaid funeral benefit contracts.  As it turns out, the company had collected over $500,000 in preneed payments and the TDB reported that the funeral […]

Finance

StoneMor Partners, Assurant file Earnings Reports

Both StoneMor Partners and Assurant filed earnings reports in the last couple of days.  Both companies are members of the Death Care Index  (DCI) of publicly traded companies. StoneMor, which has had permission to file some reports on a delayed term, filed their report for the three months ending June 30, 2018.  For that three month time period they report that they had revenues of $81.6 million and a 2nd quarter net loss of $17.0 million.  That compares on a […]