Funeral expenses can be dauntingly high for families. Breaking down these costs into more manageable steps will allow you to better plan and save.
Consider direct cremation or burial -- it will save thousands. Also consider holding the viewing and funeral notice at home to avoid additional expenses.
Funeral costs increase at an average annual rate of three percent, so planning ahead can relieve future burdens on loved ones and eliminate payments for unnecessary services by price shopping and haggling over prices.
1. Burial or Cremation
Burial or cremation is a personal decision influenced by factors like religion, family tradition and cost. On average, funeral costs tend to be higher in urban areas due to increased demand, overhead expenses and living costs; using an online funeral cost calculator* can give an approximate idea of prices in your region.
Other expenses for burial or cremation could include:
Casket or Urn Purchase Costs. Depending on your selection, casket and urn costs could range between $2,000-$5,000; embalming services start from $50; burial plot prices vary between $1,000-4,000. Cemetery Fees.
An obituary published in a newspaper or online may cost between $50 to $200 depending on its length and placement. Other expenses may include catering or a reception held after services at a location post-service; videography/photography services; flowers. If you want to avoid placing this financial burden on loved ones, consider setting aside savings in an account specifically designated for funeral costs or purchasing final expense insurance which covers end-of-life costs.
2. Casket or Vault
National Funeral Directors Association estimates that burial caskets with no vault cost $7,848; adding one increases that cost to $9,420. Some cemeteries require vaults as protection from groundwater seepage and insect activity.
Casket prices range from simple wood boxes to elaborate metal designs that cost over ten grand. Funeral homes may add on additional extras like urns and casket pillows that may cost extra; to save money it is wise to shop around and compare prices, as some funeral homes charge for items which can be bought independently online or elsewhere; many families choose this route instead as savings measure.
Other expenses to keep in mind for funeral and memorial expenses include death certificates (which typically range between $10-50), transportation costs for the funeral/memorial service, obituary notices (free up to $500 depending on location/publication) as well as extras like fundraising accounts or organizing community events like car washes. Many families opt to pay these extras by creating fundraising accounts or hosting community events like car washes to cover extra costs.
3. Funeral Service or Memorial Service
Funeral and memorial expenses can be quite costly. They include venue rental fees, equipment rentals (such as musical instruments or multimedia) and hiring an officiant or clergy member; additionally it can cost to rent a service car to transport attendees.
If the expenses associated with funeral homes could become an additional financial strain on your family, consider final expense life insurance as a solution to cover funeral home and end-of-life costs like caskets. Furthermore, direct cremation or burial without ceremony and purchasing items independently from funeral homes may help lower funeral costs significantly; alternatively you could use a funeral cost calculator and shop around to avoid unnecessary funeral costs; funeral homes must provide their General Price List upon request so do not be intimidated into asking what other costs might exist.
4. Flowers or Other Expenses
Saving thousands on funeral costs could be as easy as foregoing burial and viewing services or purchasing caskets and urns outside of funeral homes - many can be purchased for under $500, and several hundred for an urn. Funeral homes typically add additional charges such as prayer cards, notices and flowers when purchasing items through them so it pays to shop around before making your selections.
Funeral costs should be kept in mind so as to plan ahead and avoid financial strain on loved ones. Funeral costs usually increase less quickly than inflation, making pre-planning discounts and lower cost options such as direct cremation or green burial more attainable. Final expense insurance, also known as burial insurance, provides another great solution that doesn't involve medical exams or rigorous health questionnaires; for more information visit eFinancial's burial insurance calculator and request a quote today!
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