Funeral expenses
The topic of funeral expenses is not a fun one to discuss. However, it’s necessary and inevitable, so having this discussion ahead of time and expressing your wishes can help bring peace of mind to you and your loved ones. According to The National Funeral Directors Association, the average funeral in 2021 costs between $7,360 and $8,755. The average cost of cremation is a bit lower than burial at $6,260. Whichever route you decide to go, having a plan in place will help to alleviate additional stress during an already stressful time. So what are your options?
One option is to purchase a prepaid funeral plan. This isn’t much different than paying to protect yourself and family members with health insurance. It’ll be there when you need it, you’ll pay today’s prices for future services, and all arrangements can be made ahead of time. You’ll be able to choose products and services that you like while still being protected from rising costs and inflation. Plus, many companies allow you the option to either pay for the entire plan in one lump sum, or to make monthly payments over a specified timeframe.
Another option is to use your life insurance policy to pay for funeral expenses. It’s important to understand that life insurance payouts take time, and the insurance policy must remain active in order to receive a payout. A lapse in payment or further policy complications may result in delayed payouts or even a policy rendered invalid. So if you’re solely reliant on this option, be sure arrangements are made ahead of time for the immediate necessity of funeral expenses. There are some companies that will allow you access to immediate funds to pay for a funeral if you provide evidence that you’re waiting for a life insurance policy payout. The companies and fees will all differ, but this is an option.
If you were in the military, you can be buried in a national cemetery at no charge for the gravesite or marker. There are also specific burial allowances that The Department of Veterans Affairs will allow, but the amounts all differ and depend upon eligibility, hospitalization, service connection etc. Depending upon type of service or burial, you’ll likely still have some out-of-pocket expenses, but you should be able to get a predetermination of burial eligibility at any time.
There are other low cost options for those who may not have planned ahead of time or have a tight budget. Direct cremation is when the body is cremated shortly after passing, and no embalming, viewing, visitation or ceremony are involved. This is typically the least expensive type of cremation option. You can also donate your body to science through different organizations for no cost. You’ll be helping medical students learn about the anatomy of a body as well as learn more about disease. A green burial is when funeral professionals ensure services are performed in the least environmentally impactful way possible. This typically means no embalming or post mortem preparation, and the professionals help to create a sustainable after- death option for the deceased. You can read more about green burials here.
Of course funeral costs will always vary and depend upon a number of different elements: burial vs. cremation, casket vs. urn, ceremony vs. church service, and viewing vs. no viewing. Although the conversation surrounding death isn’t one that most of us like to think about, having as many after- death decisions figured out ahead of time will help your loved ones grieve and honor you without the added element of stress that comes along with making funeral expense decisions. If you have any further questions about where to get started, or are interested in purchasing a burial policy, feel free to call us at: 870-425-2004.
Be well!