Burial insurance11/20/2023 ![]() Limiting the number of visitors or attendeesĦ. ![]() Having a family member manage or oversee the wake and funeral service rather than a funeral director A funeral wake and service can be as simple and as extravagant as the family would like, but holding it simple could mean: If you don’t want to bypass a wake and funeral service, keeping it simple is the best way to save on funeral expenses. Opt for a simple wake and funeral service. Many funeral homes offer basic funeral packages that don’t include funeral viewing, averaging $2,300, not including the casket.ĥ. Immediate burial or cremation also reduces the payment cost for facilities and venue for viewing. With direct burial, you can eliminate embalming costs, which can be anywhere from $600 to $1,500. One cost-effective option for funeral expenses is immediate burial or cremation. We recommend asking if refrigeration is available and if a family can have a private viewing without embalming - if that option works for you. Some funeral homes may require you to embalm the remains for public viewing. Embalming may be necessary if the remains are not buried within a specific time frame for some states, but many do not require it at all. The FTC requires funeral homes to disclose information such as product and service prices to customers, including an itemized list of such during phone calls or personal visits.įor example, caskets are a high cost for burial, and funeral homes should provide you with a general price list (GPL) of these caskets, including their detailed information, so you can choose the lowest-priced casket available, if that’s what you want.Īnother important tidbit: Embalming is not legally required by any state after death. The Federal Trade Commission (FTC) enforces The Funeral Rule wherein you can do comparison shopping of funeral homes and choose only the services you want. This type of insurance usually accumulates cash value and stays in effect as long as premiums are paid.Īcquiring burial insurance for yourself or your loved ones allows you to save and pre-pay funeral costs in the form of premiums, leaving only minimal or even no fees to be paid when the time comes.įor example, according to Forbes Advisor, a $10,000 burial insurance benefit requires a $47 monthly premium for a 50-year-old man (this may vary depending on factors affecting health and coverage). To compare, cremation costs are usually cheaper than burial costs, as cremation eliminates the need for embalming and purchasing a plot of land for burial.īurial insurance is life insurance that helps your loved ones pay your funeral costs and debts in the event of death. While it seems like a taboo topic to discuss, it helps the person and the family get things in order ahead of time.ĭecide on a cremation or a burial. If you are pre-planning your funeral or a funeral for someone else, it is best to get the recipient's opinion on the kind of funeral service they would like. Here are six ways to cut the costs on end-of-life services. Pre-planning is the secret to saving costs on funeral expenses. These do not include the other costs incurred by loved ones, such as transportation from out of town, snacks and meals for visitors during the wake, ceremonies and burial. ![]() The usual funeral expenses one would typically incur are for: can be anywhere from $7,000 to $10,000, depending on the type of funeral you’re planning. What is included in usual funeral expenses? Whether you are preparing for a funeral for yourself or a loved one, it is important to know that there are ways you can arrange a funeral without breaking the bank - and most of these tips are based on planning in advance. A single, total funeral expense can cost up to two to three months' worth of one person’s living expenses, and if you’re not prepared, these costs can leave a significant financial burden on the loved ones you leave behind. You might be surprised to know that end-of-life costs are just as, if not more, expensive than the cost of living in the United States. Funerals can be very expensive, but planning ahead and finding ways to lower funeral expenses can make a stressful time more manageable.
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