Even Dying Is Expensive – Here’s How To Afford It

Death is gloomy subject matter that few of us like to think about - let alone financially plan for. However, neglecting to plan for death can have costly repercussions for those we leave behind. We forget that funeral homes are businesses and over the years they’ve had to keep up with the costs of the trade, which has led to funerals steadily rising in price. Family members can often spend a lot on giving someone a good send-off, but these costs can be lowered and even eliminated by paying for your own funeral. For those that have been considering doing this, here are some methods you could try as well as some handy ways of dramatically lowering the costs.

Start a savings account
Even Dying Is Expensive – Here’s How To Afford It
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One easy way to leave some money behind for a funeral is to start a savings account. This could be a regular savings accounts or a trust. It could even be a POD (Pay On Death) account, which will get paid out to your relatives when you die. You can choose to put as much money as you like into one of these accounts and pay into them at any time.

Take out life insurance

Another option could be to take out life insurance. Companies such as termlifeinsurance.co offer such a scheme, helping to cover for any funeral costs. There are two main types of life insurance – term insurance which is generally for a period of ten years and whole life insurance which insures you for your whole life. Costs vary depending on your age and circumstances (if you’re in a potentially dangerous job, your life insurance rates may be higher).

Pre-pay for your funeral

Another option could be to use a pre-payment scheme directly to a funeral home. This involves arranging every aspect of your funeral and then paying for it in installments. How big these installments are will depend on how old you are. By starting one of these schemes when you’re younger you may only have to pay monthly installments in tiny amounts of a few dollars. Make sure to read the terms and conditions so that your money is secure and can be withdrawn were something to happen to the funeral home you’re paying.

Donate your body to science

When it comes to individual expenses of a funeral, deciding what to do with the body is often the most expensive task. Burial is the most costly option, followed by cremation. Many people will already have an idea of what they want or may even have a religious preference, but for those that aren’t fussed, you could opt to donate your body to science. It’s by far the cheapest method and you will be helping a good cause.

Have a home funeral

Most people choose to have a funeral in a church. However, you could choose to have a funeral at home and save costs on the hire of the premises. This may allow for a more personalized funeral and could also save on the costs of a venue for the wake. Sites such as homefuneralnetwork.org offer more information on hosting a home service.

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