When it comes to funeral planning, it’s important to take a realistic look at your budget to see what you can afford before a tragedy happens. Decide what you can afford comfortably without sacrificing the needs of your daily life. 

Keep that in mind throughout this article

Affordable Options 

In the U.S, a traditional funeral can cost between $8,000 and $12,000 – with some families spending tens of thousands of dollars. No matter how much you’re spending on a funeral, the most important thing is that it’s heartfelt, meaningful and allows friends and family to wish their loved one goodbye one last time. Here are a few affordable options: 

Cremation: Rather than purchasing a large casket, you can opt for cremation. With cremation, families are able to keep their loved ones close with their ashes being scattered or buried in a location of their choosing. Cremation reduces the cost of a funeral due to not having to purchase a casket. Some cremations can be as low as $800. 

Immediate Burial: Rather than have a full-service funeral, families can save thousands of dollars by going the direct burial route. This route skips the embalming process, the viewing, and the visitation. The main thing you’ll have to purchase include the burial casket, the cemetery fees, and the burial location. Immediate burials are significantly less expensive than traditional funerals and will start at around $2500. 

Home Funeral: In all but seven states, a home funeral is allowed. Currently, Connecticut, Indiana, Louisiana, Michigan, Nebraska, New York, and Utah have laws making the home funeral process difficult when a funeral director is not present. In every other state, the family can complete the entire funeral process without hiring outside sources. From filing paperwork to caring and transporting body, the families can handle it all. This type of funeral will be minimal but is a meaningful way to say goodbye to loved ones.  

Insurance Options 

Another way that final arrangement plans can be paid for is by utilizing life insurance. Depending on the type of policy your family member has, the beneficiaries may be able to use the cash payout option for funeral expenses. It’s crucial to understand the terms of your life insurance plan in order to know how quickly the funds will be available after death. Some policies may take up to a month to pay out which would force you to find other options to fund the funeral. 

Term Life Insurance

Term life insurance is a plan that is in place to replace the income of the deceased in the event of his or her death. If the deceased had children, a spouse or other bills to pay, a term life insurance policy will help to pay for those things. The beneficiary of the plan may choose to use the benefits to help pay for the funeral expenses. Unlike other insurance policies, term life insurance may expire before the death of the holder depending on the length of the term selected at purchase. When the term insurance expires, so do the benefits. 

Term life insurance policies offer larger amounts and may not be paid out immediately. If the insurance company has to review the claim, you may be required to pay the funeral home upfront and be reimbursed by the insurance company in the future. 

Whole Life Insurance

A whole life insurance policy accrues a cash value through the length of the contract. Beneficiaries are able to use this cash value to help pay for the funeral expenses. Final expense insurance, a different type of whole life insurance, is a policy that’s put in place strictly to pay for funeral expenses. The policies can range from $10,000 to $25,000 in value and unlike pre-paid funeral plans, final expense payouts have no restrictions to beneficiaries on what the money can be used on.

Other Help Options

Employer: Every company will be different, but you may be eligible to receive survivor benefits from your loved ones employer. These funds can be used to help pay for funeral costs. 

Veterans’ Benefits: Veterans are eligible to be buried in national cemeteries with no charge to the family for the purchasing of the gravesite, headstone, and vault. However, the family will be responsible for all other charges. If your loved one was still active duty, the VA has additional money set aside in case of a death due to service-related injuries. 

For specific information regarding funerals for Veterans’, check out the VA website here 

Fund-raising: In some communities, fund-raising is utilized more than anything. Churches, local businesses, and community clubs may put together a fund-raising campaign to help raise money for the family that has been affected. Things such as car washes, bake sales, and community events may be used to help raise money. 

Talk With Wyuka 

We understand that talking about funeral planning isn’t any fun, but it’s necessary in the long term to allow your family to grieve in peace without having to worry about funeral expenses piling up. If your family has recently suffered a death, give us a call and talk to one of our staff members. We can help walk you through the process and give you other ideas for funding your loved one’s funeral. 

We’re here to help you grieve in peace. Call us today. 

(402) 474-3600