Funeral Vs Expenses: Here Are 6 Smart Ways To Cover The Cost Of A Funeral

Have you ever thought about the inevitable end? Yes, we’re talking about that topic most people shy away from—death. While it might not be the most uplifting conversation, planning for your final exit is as crucial as any other significant expense in life. Let’s face it: funerals don’t come cheap. With the average traditional funeral ringing in at a staggering $7,640, it’s high time we approached it with the seriousness it deserves and explored some captivating alternatives.

Sure, you might think stashing money in your will is a solid plan, but here’s the catch: your loved ones won’t see a dime until your estate navigates the labyrinthine probate process, which can take months or even a year. Since most funeral homes prefer cash upfront, your grieving family might be financially bound. Fear not, though, as delve into some intriguing alternatives to ensure the final bill is covered without unnecessary delays.

Unlocking Funds with POD Magic

Enter the Payable-on-death (POD) account, a mystical bank account that allows you to stash away funds for your farewell party. With the stroke of a death certificate, your chosen benefactor can access the funds instantly—no probate drama here. It’s like having a secret vault that opens upon your demise. Just be wise in selecting someone trustworthy to handle the funds responsibly, lest they decide a cruise to Cancun is a more fitting use for your funeral funds.

Budget-Friendly Funerals

For the frugal at heart, explore low-cost alternatives like direct cremations, at-home funerals, or green burials. Feeling particularly philanthropic? Donate your mortal vessel to a medical school and not only save your loved ones a small fortune but also contribute to the education of future doctors. Just plan ahead, as most institutions require pre-enrollment for this unique farewell. Don’t forget always to have an alternative option in case something happens that the medical school refuses to take your body.

Additionally, there are many available options today that can help cut significant funeral costs. If you are planning for your funeral or your loved one, find sites that prompt you to look at this cheapest funeral options to get better deals as you honour your loved one. This package helps you work with reputable and professional funeral service providers to ensure they meet your expectations at a pocket-friendly price.

Savings Account

The classic savings account might seem like a reliable choice, but it must also navigate the probate waters. Fear not, intrepid planner, for a joint account with your funeral financier-in-chief can expedite the process. Granting them rights of survivorship turns them into the sole captain of the account ship, enabling a swift withdrawal to finance your final voyage. Don’t forget to consult with a reputable funeral service provider to know the average amount you will require and the type of services that will be provided.

Military Maneuvers

For the brave souls who served in the military, there’s a patriotic option that won’t cost a penny. A national cemetery provides a free resting place without charge for the gravesite or marker. However, you will need to incur the expenses for additional funeral services, such as body pickup and embalming. Even if a national cemetery isn’t your final destination, the Department of Veterans Affairs (VA) offers various benefits, including financial assistance for burial costs. In addition, they will provide burial allowances if the death was either services-related or not. However, you must qualify for the set criteria to get these funeral benefits.

Insurance Adventures

Embark on a journey with life insurance policies that can promptly deliver a lump sum to your chosen beneficiary, sidestepping the probate hustle. Whether it’s a general financial safety net or a dedicated burial insurance policy, these financial superheroes can swoop in to save the day. Beware, though, as some funeral experts caution against pre-need and burial insurance, warning that the premiums might rival or surpass the eventual payout.

Borrowing with Caution

Venturing into the world of loans might seem like a quick fix, but beware of the treacherous path of personal loans. These unsecured financial beasts, available from banks, credit unions, and specialized lenders, can come with steep interest rates ranging from 5 to 36 percent. It’s akin to financing your funeral on a credit card—proceed with caution.

Prepaying Adventures at the Funeral Home

If you’re feeling adventurous, some funeral homes offer prepaid planslook at this cheapest funeral options. However, the Funeral Consumers Alliance (FCA) issues a gentle warning against such plans. Situations change, and what seemed like a great idea in the past might not align with your current circumstances. Yet, if you’re facing a Medicaid spend-down before nursing home residency, prepaying could be a strategic move. This will shield your funds from Medicaid scrutiny.

Time To Evaluate the Best Option

Planning for the inevitable can be an intriguing adventure. Choose your path wisely, and may your final chapter be a tale well told. Don’t forget to always include your family members and friends in the planning and evaluation to help them face reality and heal faster.