If the thought of spending $7,000 to $10,000 on a funeral seems overwhelming, it’s helpful to consider how you might be able to reduce the expense. A cost or price guarantee is a promise from the funeral home that your family members won’t be responsible for excess expenses if the growth of the investment vehicle that holds your prepayment funds doesn’t keep pace with inflation. If you decide to prepay for a funeral, ask about a cost guarantee, says Laedtke. Likewise, a move to a new city could make it difficult to get the money back if your prepaid arrangement does not include a portability clause. For example, it’s possible that you could lose the money you have on deposit if the funeral home goes bankrupt. VanderVaate notes that prepaying for a funeral can be risky, as you could end up locked into a plan that no longer fits your needs. If you decide you’d like to move the service to a different funeral home, it’s important to know whether you’ll be able to take the funds already held in trust with you. Portability is another important consideration, says Laedtke. Trustees are obligated to follow a fiduciary standard and act in your best interests when managing trust funds. “Prepayment is an excellent idea if the state in which the person resides requires the funeral home to trust 100% of the funds,” says Joe Laedtke, funeral director at Prasser-Kleczka Funeral Homes.Ī funeral trust allows you to deposit money for the cost of a funeral, which is then held in an interest-bearing account and managed under the direction of a trustee. However, it’s not necessarily right for everyone. Prepaying the cost of a funeral allows you to establish a plan ahead of time while making arrangements to cover expenses that arise later. Is it a good idea to prepay for a funeral? Kleczka notes that while firms may absorb some of the extra expense, that may not be sustainable long-term, which could lead to higher prices for consumers.
The median cost for a cremation casket is $1,310 and the median cost of an urn is $295.Īs to what drives prices for funeral services, inflation has always and continues to affect the cost, says Jeff Kleczka, vice president and funeral director at Prasser-Kleczka Funeral Home, which operates three locations in Milwaukee, Wisconsin.įrom November 2021 to November 2022, the Consumer Price Index (CPI), one of the main indicators of inflation in the United States, saw a 4.9% increase for funeral expenses. The median cost of a vault is $1,572, which raises the total median cost of a funeral to $9,420.Ĭremation costs slightly less, as there’s no need for a hearse and the cremation casket isn’t as expensive. May include other services, such as dressing, makeup application or hairstylingįor cars or vans used to transport family members to the burial siteĪdditional charges may apply if you opt to inter remains in a vault. This fee covers the transportation of remains to the funeral homeĬovers the cost of transporting the remains to the burial site Some funeral homes may require you to pay for this if you plan to hold a viewingĬovers the cost of using the funeral home's facilities and having staff assist with funeral servicesĬovers the cost of using the funeral home's facilities and having staff assist with the viewing Here’s a breakdown of different funeral expenses, according to the National Funeral Directors Association.Ĭost for a metal casket - casket costs may vary depending on the style selectedĬovers the funeral home's overhead costs and storage of the remains How much does a funeral cost with viewing and burial? How much a funeral costs can sometimes be difficult to estimate, as it’s influenced by the funeral home’s fees along with any add-on services you might choose, says Randy VanderVaate, president and owner of Funeral Funds of America, an independent insurance agency that specializes in helping people find affordable options for cremation coverage, burial insurance and final expense insurance. It can also help you prepare for any expenses you might incur when planning a funeral for a parent or another loved one. Knowing how much a funeral costs and what to expect with funeral planning can help you avoid leaving your loved ones facing a steep bill after you’re gone. The median cost of a funeral with cremation comes in at $6,970, a five-year increase of 11.3%. The median cost of a funeral is $7,848, according to a recent study conducted by the National Funeral Directors Association. But there’s one important end-of-life cost you might be overlooking. Your financial plan might include saving for retirement, putting away money to help your kids through college or building up a rainy day fund. Life insurance can be an effective way to plan ahead for funeral expenses.Prepaying for a funeral has pros and cons.The median cost of a funeral with viewing and burial is $7,848.
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