If you should pass without having financially planned for your funeral, the burden falls to your immediate family. By planning in advance you can ensure that your funeral expenses won’t be an unexpected burden on loved ones. One of the biggest questions in many seniors’ minds when it comes to funerals is cost. How much can you expect to pay for your final expenses? Are there any hidden costs you should know about in advance? What’s the best way to pay for your funeral?
In this article, we’ll address these common questions and provide you with some basic pricing considerations, so you can plan your expenses accordingly.
The Real Costs of Funerals
If you plan on a traditional burial, most experts say you can expect to spend around $8,000 – $10,000, including necessary elements associated with the funeral and burial. Products and services plus associated costs can include:
- Funeral Director’s fees: $1,500
- Casket: $2,000 or more
- Embalming: $500
- Funeral home hosting of the wake or service: $500
- Grave site: $1,000
- Grave digging: $600
- Grave liner: $1,000
- Headstone: $1,500
Keep in mind these are all approximate figures, and they do not include additional items like flowers, obituaries, catering and so forth.
Cremations are gaining in popularity and you’ll most likely spend less, but there will still be plenty of costs to consider. Cremation costs range from $2,000 to $4,000 and will include items such as:
- Funeral Director’s fees: $1,500
- Funeral home hosting of the wake or service: $500
- The cremation procedure: $400
- Cremation casket: $500
- Casket rental for viewing: $500
- Embalming: $800
- Urn: up to $1,000
Again, costs will vary depending on your state and what types of additional items you decide to add on (or not).
Funeral Options You May Not Have Considered
An environmentally friendly way to save money on your funeral is by going green. Here are two eco-friendly funeral options, along with their typical cost range:
- Natural burial. With this type of burial, the main difference is there is no casket involved. A body is buried in a normal cemetery plot, but interred in either a shroud or eco-friendly casket. These types of burials cost around $2,000 – $3,000.
- Biodegradable pods. Many individuals are leaning toward the use of burial pods, which are biodegradable egg-shaped caskets that are typically buried and then have a tree planted above them. The pods themselves only cost around $500, but you may incur some funeral home costs along with a burial plot.
How to Pay for Your Final Expenses
No matter which option you choose, funerals can be costly! So what’s the best way to pay for yours?
Many funeral homes offer packages that you can purchase in advance or pay in installments, but these packages don’t always cover every cost, which would mean your loved ones may still be responsible for some of the bill.
However, one excellent way to help pay for your funeral is with final expense insurance. If you’re unfamiliar with final expense insurance, we’ll give a quick explanation, and you can always read more about it here.
Final expense insurance is essentially a type of whole life insurance policy with a smaller death benefit payout that can range anywhere from $2,000 to $50,000. This type of insurance is designed to cover anything from your funeral costs to medical bills or any other costs that you incur toward the end of your life. Plus, any extra money goes directly to your dependents to use at their discretion. For this reason, some people choose final expense insurance as a sort of second “inheritance” for their children and grandchildren.
Since final expense insurance is reasonably affordable and easy to qualify for, it’s a cost-effective way to relieve the financial burden of a funeral, especially if you’re not sure what the final costs will end up being.
Final Expense Insurance Companies to Help You Plan for the Future
Don’t delay planning for funeral expenses. With a final expense insurance policy from Americo Senior Life, you’ll have peace of mind knowing that no matter when the time comes, your funeral will never result in leaving your loved ones being responsible for the unexpected costs. Talk to an Americo representative today, or apply online now!