What does a funeral cost, and how will you pay for it?
According to the Centers for DiseaseControl and Prevention, in 2015Â 3,978,497Â people were born in the US, and another 2,712,630 people died. Some of those deaths were expected and even planned for. But most death comes as some form of surprise. And thatâ€™s when family and friends find that they may be unprepared not just for the sadness and loss, but for how expensive a funeral can be.
What do funerals cost?
With the average funeral costing approximately between $7,000 and $10,000, loved ones left to foot the bill sometimes struggle to find the money to do so. This price range typically includes the services provided at the funeral home, cemetery burial, and headstone installation.Â While cremation continues to grow in popularity, traditional cemetery burial is still the most commonÂ way of laying the deceased to rest. It doesn’t, however, include the cost of a catered luncheon with drinks after the memorial service, which can add hundreds if notÂ thousandsÂ of dollars to the cost.
Parting.com gives this breakdown of funeral costs:
- fee for the funeral director’s services: $1,500
- cost for a casket: $2,300
- embalming: $500
- cost for using the funeral home for the actual funeral service: $500
- cost of a gravesite: $1,000
- cost to dig the grave: $600
- cost of a grave liner or outer burial container: $1,000
- cost of a memorial (headstone or plaque): $1,500
Please note that funeral costs can vary widely depending on the funeral home and geographical locations.
What happens if a loved one dies and I canâ€™t cover the expenses?
Take a look at the life insurance policy of the deceased (if they had one). Get on the phone with an agent and ask them to walk you through any limitations and stipulations associated with the policy. Black enterprise.comÂ says, â€œIf you simply canâ€™t come up with the money to pay for cremation or burial costs, you can sign a release form with your county coronerâ€™s office that says you canâ€™t afford to bury the family member. If you sign the release, the county and state will pitch in to either bury or cremate the body. The county may also offer you the option to claim the ashes for a fee. But if these also go unclaimed, they will bury the ashes in a common grave alongside other unclaimed ashes.â€
Are funerals covered by insurance?
Burial insuranceÂ is a type of funeral expense life insurance policy created to cover the cost of your funeral or cremation expenses when you pass away. Because many people donâ€™t realize how much funerals cost, when a loved one passes away without proper burial insurance – it can lead to financial hardship on families or loved ones who are left to pay for it. Pre-need funeral insurance is also a great precautionary policy that will help prevent a tragic loss to be financially burdening to those left behind. According to protective.compre-need funeral insurance also, â€œcovers the costs of predetermined expenses such as standard funeral home services, funeral merchandise, church and burial services. In some instances, this type of policy can protect against inflation and the rising cost of funeral expenses by locking into todayâ€™s prices for services and merchandise.â€
Funerals are one of those expenses that not everyone plans for. If this happens, and youâ€™re the one making the arrangements, you may find yourself in need of money you donâ€™t have on hand. You can use a credit card, of course, but many people look to an installment loan to handle funeral expenses.
LendingPoint is a personal loan provider specializing in NearPrime consumers. Typically, NearPrime consumersÂ are people with credit scores in the 600s. If this is you, weâ€™d love to talk to you about how we might be able to help you meet your financial goals. We offerÂ loans from $2,000 to $25,000 with terms from 24 to 48 months, all with fixed payments and simple interest.