Planning a funeral falls into the category of things we never want to do, but as we age, it becomes a more pressing issue. From ensuring your family is protected by your burial insurance policy to knowing what other logistics need to be handled, it is important to be prepared.
Below are some items to consider when making end-of-life plans.
You have funeral rights. In 1984, the Federal Trade Commission established rules and guidelines for funeral homes in response to irresponsible sales tactics in the industry. You can actually order a Funeral Rights Guide for free on the FTC website or even download a PDF version.
Establishing your burial wishes. Outlining your wishes will help you have peace of mind. Some funeral homes and final expense insurance providers will assist you with this process as part of your service agreement or policy.
Costs. Funeral costs have risen dramatically over the years. While the average funeral runs around $10,000, understanding the breakdown of these costs can help you with your wishes. The national averages for common funeral expenses are below.
Embalming, Visitation and Professional Services- $3,265
Metal Casket- $2,295
Vault- $1,195
Cemetery Plot- $1,800-$2,000 (depending on area)
Monument/Headstone- $950 (can be $2,000+)
Opening & Closing of Grave- $1,295
These are just the basics. As you can see, depending on what you decide on, your costs can be well over $10,000. Remember that when planning for the cost of your funeral, don’t forget to account for inflation. A funeral that costs $10,000 today will be much higher in 15-20 years. See our inflation estimate tables here. Government benefits. Social Security provides a one-time death benefit of $255to a qualifying spouse. When it comes to veterans, the VA will cover $300 for a non-service related death. In addition, an internment allowance can be awarded in lieu of burial in a National Cemetery. This means most families are left to cover the rest of the burial expenses.
Consider a final expense insurance plan. An affordable way to make sure your family can afford to pay for your funeral. There are several options available for burial insurance, and Benefit Choice Direct has a team of compassionate experts available to assist you.
Discuss you wishes with your family. While it might be uncomfortable, it is important to discuss your wishes. Most family members will have no clue what to do when the time comes, so having clear communication about what you want is important. They might think that you have made the arrangements. They might assume that because you have a cemetery plot, you are all set. Discussing the costs will also help your loved ones prepare. Document your wishes and notify a trusted family member or individual of the location of those documents along with other important information, such as the location of financial accounts and insurance policies.
What type of funeral do you want? There are several different types of funerals, all with specific associated costs. Consider whether you want a direct burial, or a burial with visitation. You might want a memorial service. Do you want to be buried or cremated? All of these options should be considered.
Important for your family after your death. Your family will need to do a few things immediately after your passing. They’ll need to call 911 and report the death if you are not at a medical facility. For insurance purposes, they should also contact the county coroner. Obviously, notifying friends and other family members will need to be handled. In addition, if there is an executor for the estate, they will need to be notified also. Contacting a funeral home to begin preparations and also your insurance company if there is a final expense insurance policy in place.
Important for your family following the funeral. Finally, some other considerations for your family will include contacting your employer (if not retired) to arrange for your final paycheck. Your family will also want to cancel all utility services and your lease (if renting). To protect against identity theft, be sure to have bank accounts and credit cards cancelled, and also notify the Social Security Administration of the death. Collect the $255.00 Social Security death benefit. Also, finish the life insurance claim paperwork, if present.
Taking these items into consideration will make the confusing and difficult process of funeral arrangements easier on both you and your loved ones. Speak with one of our funeral insurance experts today for more information.
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