Illinois Funeral or Burial Funds Act Bond Guide
In Illinois, all funeral service providers handling prepaid funds must file a surety bond.
Bond Overview
- Purpose: To ensure funeral service providers manage client funds ethically and uphold contracts
- Who Needs It: Funeral service providers who handle prepaid funds in Illinois
- Regulating Body: The Illinois Office of the Comptroller, P.L.A.C.E. Division
- Required Coverage: Up to $10,000, determined by the Comptroller
- Premium Rate: Credit-based, often $100
Keep scrolling to learn more about the bonding process.
What Is an Illinois Funeral or Burial Funds Act Bond?
All funeral or burial service providers that accept prepayment must file a surety bond for licensing with the Illinois Office of the Comptroller (IOC).
This bond ensures that funeral services properly handle prepaid funeral or burial funds.
How Much Bond Coverage Do I Need?
The IOC will determine your bond amount based on the amount of funds you handle, up to $10,000.
Alternatively, you can submit a letter of credit. However, a surety bond is typically the most affordable option, requiring only a small upfront premium and no collateral.
If the IOC finds that you’ve violated any regulations within the past 5 years, it may require an additional bond or letter of credit equal to 10% of your trust funds.
How Much Do Preneed Funeral Bonds Cost in Illinois?
Illinois funeral or Burial Funds Act bond premiums vary based on your bond amount and credit score. Applicants typically pay $100 for $1,000 in coverage.
You may also be eligible for a multi-year discount to save 25%. Select your bond amount below for a free personalized quote.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does an Illinois Funeral or Burial Funds Act Bond Work?
An Illinois funeral or Burial Funds Act bond is a legal contract between three parties:
- Principal: The funeral service provider purchasing the bond
- Obligee: The Illinois Office of the Comptroller requiring the bond
- Surety: The provider issuing the bond
As the principal, you promise to uphold the provisions of the Illinois Funeral or Burial Funds Act.
If you break the bond terms, harmed parties can file claims. The surety will validate and pay claims up to the full bond amount. However, you are ultimately responsible for refunding the surety.
How Do I Get a Funeral Bond in Illinois?
SuretyBonds.com provides the fastest and easiest way to get a funeral bond. Follow these simple steps:
- Apply Online: Select your bond amount and request a free quote
- Pay Invoice: Complete your purchase online or over the phone
- Receive Bond: Receive your official bond form via email
Upon receipt, sign and file the original bond documentation with the IOC.
How Fast Can I Get My Bond?
SuretyBonds.com issues Burial Funds Act bonds faster than any other provider. We process most bond applications same-day. Apply now to receive your free quote.
Can I Get Bonded With Bad Credit?
Yes, you’ll likely be able to get bonded with bad credit. However, poor credit may increase your premium rate.
Apply for a free quote or visit our Surety Bond Cost FAQ page to see how credit may impact your cost.
How Do I Renew My Preneed Funeral Bond?
Illinois preneed funeral bonds expire annually. When you work with SuretyBonds.com, we’ll send you reminders and a renewal invoice before your bond expires.
To renew, just pay the premium — we’ll do the rest!
