As most people are aware, funerals are expensive. A premium chest alone can cost up to $10,000. Costs
may vary by state, the choices you make and whether the deceased is buried or not
cremated. The national median price was nearly $8,000 in 2021, according to The Zebra, and funeral
costs are rising. The following are common funeral costs to consider, with average costs as of 2021.
- Funeral Service Fee – $2,300
- Facilities for viewing – $450
- Facilities for ceremony – $515
- Casket – Metal $2,500; wood $3,000
- Cremation ̵1; $370
- Urn – $300
- Transfer of balances – $350
- Embalming – $775
- Cosmetic Services – $275
- Gravesite – Public $1,500, Private $3,500
- Headstone or marker – flat $1,000, raised $3,500
- Vault – $1,572
- Sleeper – $325
- Flowers – $600
- Printed Materials – $185
One way to reduce costs is to choose an environmentally friendly, green funeral or burial. The median price for one
biodegradable casket is $1,500 – significantly less than the price of a metal or wooden casket.
Will life insurance cover funeral expenses?
Life insurance can help pay for a funeral. Provided the monthly premiums are paid, policyholders
will receive a death benefit after the policyholder’s death. This money can be used to facilitate
financial burden, including payment of funeral expenses.
Are there other ways to cover the costs of a funeral?
Although life insurance provides the largest payout, there are other ways to cover funeral expenses:
- Account Payable on Death (POD): This is a specialized savings account designed specifically for
cover funeral expenses. When you set up the account, you designate a person to have control over it
after you die. That person can get immediate access to the funds by showing a valid death certificate
certificate. - Final cost insurance: Also called burial insurance, this type of insurance is intended to
cover expenses at the end of life. In addition to funeral costs, these may include any outstanding debts
medical or legal expenses that would have to be paid by the deceased’s beneficiaries.
The advantages of this type of insurance include lower premiums, fast approval and no medical examination
necessary. - Traditional savings account: A savings account can be used to put money aside for any purpose,
including funeral expenses. Be sure to name a beneficiary if the account is meant to cover yours
funeral expenses. Otherwise, it will have to go through probate as part of your estate and asset
to the funds will be delayed. - Military Funeral Benefits: Members of the military are eligible for special funeral benefits when
they die. For a non-service-connected death, the Veterans Administration (VA) pays for a funeral
compensation of $300, or $796 if the decedent was hospitalized at the VA at the time of death. For a death related to military service, it will pay $2,000.
After reviewing expenses associated with a funeral or burial, speak to our friendly local agent. We can
help you find the right insurance to cover these costs.
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