Taking the time to understand your options can make planning a burial or cremation feel more manageable. By learning about the costs involved and exploring different ways to pay for them, you can make thoughtful decisions that fit your needs, wishes, and budget.
What Costs Are Involved in a Burial or Cremation?
The cost of making final arrangements depends on the type, the services, the cemetery you choose, and other factors. Burial and cremation have different expenses, and understanding the differences can help you make the best decision.
For a burial, expenses may include:
- The cemetery plot
- Opening and closing of the grave
- A casket and outer burial container
- Funeral or memorial services
- A burial marker, monument, or other memorialization
For cremation, expenses may include:
- Cremation services
- An urn or other container for the remains
- Burial, cremation niche, family estate, or other location for the remains, if desired
- A memorial service, gathering, or other ceremony
Don’t forget additional expenses for transportation, body preparation, ash-spreading permits, death certificates, flowers, or other ceremony costs. Some of these fees can be handled through the funeral home, but cemetery or crematory charges may be charged separately.
The Funeral Rule, set by the FTC, requires funeral providers to have pricing information and an itemized statement of the goods and services you’ve selected. This itemized list can help you see exactly how your money is being spent and decide which costs are indispensable to honor your loved one.
How Can You Pay for a Burial or Cremation?
Personal Savings or Existing Funds
Planning ahead for final expenses is one way to give yourself and your family greater peace of mind. If your loved one has set money aside for this purpose in a will or testament, then paying for the funeral is simple and straightforward.
You can use your regular savings or other available funds. However, you may need to consider other immediate financial responsibilities. Using savings for funeral and cemetery expenses can eat into what you’ve set aside for emergencies, your own medical expenses, or other obligations. Before making any decisions, you should determine how much money is realistically available and whether you’ll receive additional funds through insurance or benefits.
Life Insurance
You can use a life insurance payout for funeral and cemetery expenses. If your loved one had an existing policy, the distribution of the funds will depend on who the beneficiaries are and what the terms of the policy are.
It’s important to note that life insurance claims take time to process and the money isn’t always immediately available. You can always contact the insurance company to learn more about the claim process and expected disbursement of funds.
Prepaid Funeral or Cemetery Arrangements
Depending on the cemetery or funeral home, you may be able to pay for certain funeral or cemetery expenses in advance. Prepaying can secure current pricing for covered goods and services, so your loved ones don’t have to worry about higher costs. Here at Troost Cemeteries, we offer pre-need services. Making arrangements in advance with one of our Customer Service Providers allows families to make decisions without the emotional stress of the passing of their loved ones, helps families save upwards of thousands of dollars, and brings peace of mind that everything has been thoughtfully taken care of.
Make sure you understand what your payments cover, like the plot or headstone, whether prices are guaranteed, and the cancellation or refund policies. You should also ask what happens if you want to change your arrangements later or if the available options change.
Payment Plans or Financing
The various costs associated with a funeral can be difficult to pay for all at once. If you’re considering paying for your loved one’s burial or cremation with a payment plan or financing, take time to understand what you’re getting into before signing up.
Before signing anything, make sure you are comfortable with the financial commitment and repayment terms of any plan you’re considering. Ask about interest rates, fees, required deposits, repayment periods, and eligibility requirements, as well as what happens if a payment is missed.
Assistance Programs and Benefits
There are different types of assistance that can help with burial or cremation expenses. Depending on your situation and your loved one’s eligibility, you can see if you qualify for veterans’ benefits, Social Security-related benefits, employer or union benefits, state or local programs, or assistance from charitable organizations.
In some cases, there may be certain criteria for who can qualify and which expenses they cover. You can always contact the institution for clarification on requirements and any paperwork or approval process.
Should You Preplan Your Burial or Cremation in Advance?
While you can document your preferences and discuss them in advance with family members, preplanning your burial lets you make decisions based on your preferences rather than leaving every choice to your family during a difficult time. Preplanning your burial or cremation gives you an opportunity to think through your preferences before your family needs to make decisions on your behalf.
Pre-arranging your preferences for your final resting place lets you make your wishes known and save your family money down the line, since your burial or cremation is locked in at the current rate. For those who do choose to prepay, reviewing the agreement carefully can help ensure the financial arrangement matches their plans.
How to Make Funeral and Cemetery Costs Easier to Manage
A few simple steps can help you better understand expenses and make financial decisions that fit your circumstances:
- Request an itemized estimate of funeral and cemetery costs.
- Separate required expenses from optional services and merchandise.
- Compare itemized prices from different providers.
- Review available savings, insurance, prepaid arrangements and potential benefits.
- Ask when each payment is due.
- Find out which payment methods are accepted.
- Ask about payment plans or financing, if needed.
- Review the terms of any prepaid, financing, or payment agreement before signing.
- Ask questions about any cost or service you do not understand.
Take Time to Understand Your Options
Understanding all of your options when it comes to who pays for a funeral and how to cover those costs can ease the stress of having to figure out how to honor your loved one in a way that is true to them without exceeding your budget.
If you are considering making burial or cremation arrangements at a Troost Cemetery, you can speak with our team about available options and associated costs. Asking questions now can make it easier to make thoughtful decisions for yourself or a loved one.