Talking About Urns and Caskets

Key Financial Tips To Consider When Planning A Funeral For A Loved One Who Has Unexpectedly Passed Away

In an ideal world, everyone would be able to pre-pay and pre-plan their funeral, but unfortunately, that is not always possible. Sadly, that often leaves friends and family members in the unfortunate experience of needing to do themselves. In that instance, the following advice will be quite useful.

#1-Choose A Funeral Home That Accepts The Life Insurance Policy 

You might be shocked to discover that not all funeral homes accept all life insurance policies. In addition, you'll need to verify which person or persons were listed as the beneficiary of the policy, as only they can sign the paperwork with the funeral home to have them paid directly.     

If you choose to work with a funeral home that cannot or will not be assigned the life insurance coverage, you can expect to pay for everything out-of-pocket. Since the median cost of a funeral in 2014 was more than $7,000, it's best to avoid doing so whenever possible.

 #2-Determine The Budget For The Entire Event

Given that it has recently been estimated that more than one out of three people either lack life insurance or don't have enough of it, it is clear that friends and family members are often being left financially responsible for a loved one's final expenses. If you are experiencing that now, it's important to know right away who can and cannot contribute to that bill, as well as how much each person can provide.

Once the information about a budget for the event is available, it's time to actually speak with a representative of the funeral home you have selected, as discussed next.   

#3-Check The Price List Of Individual Items Against The Packages 

It's important to note that federal law requires for shoppers at funeral homes to be provided with a complete list of all the different services, with corresponding fees, for the funeral services. In addition, it is common practice for funeral homes to have packages that include everything required, including the casket or urn, cremation if desired, flowers, use of a hall for funerals, etc.

As you might expect, the packages frequently provide a discount on items, as opposed to buying them all separately. There might also be different packages to choose from, ranging from the least expensive options to the most luxurious choices. Since some packages might include clothing for the deceased or flowers that you could get elsewhere for a better price, you should take a minute to verify that the package you're considering is the most appropriate choice. 

In conclusion, choosing the right funeral home for your loved one when you have had little or no notice that it would be necessary can be quite challenging. Therefore, if you are in that situation now, it's best to be aware of the information shared above.