We know funeral planning can be an unpleasant experience, but the fact remains that none of us live forever, and planning for this life event is a crucial part of life.
If you’re beginning to make your end of life plans, you may find the process daunting – and potentially looking expensive! Don’t worry, though.
Figure Up a Ballpark Cost
The first step to planning for your funeral costs is figuring out approximately how much those costs will be. If you plan on a traditional burial, most experts say you can expect to spend around $8,000 – $10,000. This sum includes a number of products and services associated with the funeral and burial, including:
- 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
If you prefer cremation, you’ll most likely spend less. Cremation costs more in the realm of $2,000 – $4,000 and will include items such as:
- Funeral Director’s fees: $1,500
- Funeral home hosting of the wake or service: $500
- The physical cremation: $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, like flowers, obituaries, catering and so forth.
You can also expect to save money if you choose a green burial, which usually involves a less-expensive biodegradable casket, or in some cases, no casket at all. Eco-friendly burials generally cost anywhere from $2,000 to $4,000, but will certainly cost more if you plan to have a wake or service associated with it.
Smart Ways to Pay
Once you know how much you’ll pay, then it’s time to figure out how to pay for your funeral.
First, shop around. Funeral homes will have differing costs and offerings, so check with multiple establishments in your area to see what their costs are and who can provide what you’re looking for at the best value.
Second, it’s important to note that most funeral homes offer funeral packages that you can purchase in advance. However, most experts advise against these packages, as situations could change drastically before your death and affect your plans (for example, the funeral home could go out of business or your death could occur in another state).
One other item to consider is that, while many people choose to have their funeral costs covered in their will, getting this money from the probate can be a long and tedious process. This could result in your family members having to front the costs for your funeral and only being repaid once your assets have been disbursed.
There are, however, some excellent options to help you pay for funeral costs that don’t involve lengthy legal processes.
- Start a payable-on-death account. This is essentially a savings account in which you name a beneficiary to receive the funds upon your death. This beneficiary presents the death certificate at your banking establishment and the money in the account is handed over to them to pay for your funeral costs. Always choose a trusted individual to be your beneficiary, so you can ensure your final wishes are followed.
- Join a memorial society. A memorial society is a nonprofit organization that negotiates funeral costs – kind of like a co-op, where you pay a small membership fee and receive discounts on local funeral homes.
- Get a final expense insurance policy. In case you don’t know what final expense insurance is, this is a type of whole life insurance policy with a smaller death benefit payout designed specifically to cover funeral costs, medical bills or any other costs incurred at the end of your life. Payouts can range anywhere from $2,000 to $50,000*, and any extra money that hasn’t been used for your final expenses can go directly to your beneficiaries to use at their discretion.
The Final Expense Insurance Company to Boost Your Peace of Mind
At Americo Senior Life, we specialize in helping people plan for their end of life expenses. With our affordable monthly premiums and easy application process, you can get the coverage you need to help pay for your funeral. You’ll never have to worry about burdening your loved ones with unexpected expenses.
Have questions? Talk to one of our experts today, and get the answers you need.
*Eagle Premiere Series has a $30,000 limit