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Whether you’re making arrangements for yourself or for a loved one, learning about the process of planning, paying for, and settling final arrangements will help you feel prepared when the time comes.
From meaningful ceremonies to one-of-a-kind markers and monuments, there are many options to consider. Naturally, these options include various payment options to suit a range of needs.
1. Out-of-pocket and banking options
Before services are rendered, funeral homes and cemeteries typically accept payment in full via cash, check, or credit card. When planning final arrangements, having readily available funds can help you keep a budget in mind.
If a family does not have available funds, they might consider obtaining a funeral loan. This can be a viable option for families who need a modest amount or to spread out payments over time.
Note: Requesting funds from the bank account of the departed may require probate unless it is a joint account between the requester and the departed.
2. Life insurance
Many planners have life insurance policies in mind when considering paying for an immediate-need funeral. These policies provide monetary benefits which can be used to cover end-of-life expenses. If a beneficiary plans to use life insurance funds for a funeral and/or cemetery, they’ll need to:
3. Veterans benefits
Surviving family members of U.S. veterans may be eligible for funeral cost reimbursements. They also may be eligible for complimentary memorial items like a burial flag, headstone/marker, etc. To learn more, read our article on veterans benefits and consult with a Memorial Planning Family Service Counselor or Funeral Director.
4. Prepaid funeral plans
Prepaid funeral plans allow you to select your preferred services and products in advance while freeing loved ones from making last-minute decisions.
This is a unique benefit that comes with preplanning – paying with cash or life insurance at the time of service does not allow the departed to secure their own funeral preferences.
Whether you’d like to impart a message on a monument or ensure your funeral ceremony is specially catered to your loved ones, planning ahead is the best way to achieve your vision.
It’s also an excellent way to learn about what you’ll need; when planning an important life event, organizers understand they’ll need to plan for several things – documentation, flowers/decor, the dress code, reception menu, guest list, etc.
The same concept applies to funerals – preplanning can help you explore your options and select the best products and services for you and your loved ones.
Paying for a funeral: A fictional example
When it was time to take care of her mother’s funeral arrangements, Maxine was fortunate to have an emergency fund that covered the costs. Still, she felt disoriented at the thought of selecting the flowers, urn, viewing location, place of rest, and more.
Maxine treasured her mother, so she wanted to ensure the farewell truly captured mom’s spirit: In life, her mother never met a stranger, enjoyed hands-on projects, and loved to primp and preen.
Now, Maxine found herself worrying about everything, even small decisions: What photos and music would her mother have wanted at the ceremony? Which emblems should be on her marker – a tube of lipstick, or a beagle in memory of her late pet?
There were many decisions to be made while balancing final arrangements and contacting friends and family. In the end, Maxine just wanted to take good care of her mom’s legacy.
Thankfully, Maxine’s Funeral Director and Family Service Counselor were there to simplify the process and put her at ease, arranging a beautiful, moving service and interment.
But months later, Maxine remembered the important arrangements that needed to be made, and she decided that she wanted to write her final chapter on her own terms.
After consulting with a Family Service Counselor, Maxine was able to go into the future with peace of mind. She’d reserved a granite niche next to her mother, and her plaque included a musical emblem and her favorite Shakespeare quote (“It is not in the stars to hold our destiny but in ourselves.”). Her ceremony will be an easy-going gathering of her closest friends.
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It may seem like a strange idea to preplan, but when considering the practical benefits and the peace of mind it’ll bring you and your loved ones, it’s the most important end-of-life arrangement you can make. To learn more or to get started with a prepaid funeral plan, contact a Memorial Planning location near you.
Disclaimer: Memorial Planning is not a financial advisor. The content in this article is for informational purposes only and should not be considered financial advice.
Photo: business-people-with-coworker-planning-analyzing-financial-document Stock photos by Vecteezy
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