All burial insurance benefits shall be paid in cash to the beneficiary. A person engaged in the business of burial insurance may not pay or contract to pay wholly or partly burial insurance or its benefits to: an official mortician, funeral director, or undertaker; a designated mortician, funeral director, undertaker, or funeral directing or undertaking concern; or a particular tradesperson or businessperson. This section does not apply to life insurance or an annuity used to fund a pre-need contract as defined in § 7-101 of the Health Occupations Article or a preneed burial contract as defined in § 5-701 of the Business Regulation Article.