6 Ways To Pay For Funeral Expenses

Paying for funeral expenses can be stressful, but there are a few different options that you can consider. You can plan and pay in advance, you can choose a prepaid funeral, you can use your insurance, an eco-friendly funeral, or you can create a funeral fund.

Any of these options will help you cover your funeral expenses when the time comes.

How To Pay For A Funeral

1. Pay For And Plan Your Funeral In Advance

The best way to take the stress of planning a funeral off of your family is just to do it yourself. This might sound like a morbid idea while you are still alive, but it never hurts to plan ahead. This not only will save you money, but you will get to design your own funeral.

If you choose to do this, you should carefully consider all of your options and write out all of the details of the funeral that you want. Once you do this, you should make sure you give copies of the funeral plan to a trusted family member as well as your lawyer.

2. Have A Prepaid Funeral

The cost of funerals is rising because available land is running out. If you pay for your funeral in advance, you do not have to worry about prices rising in the future. You can check out the funeral homes in your town and see what the prices they offer are.

There are problems with paying for funeral expenses in advance though. If you change your mind, the funeral home might not issue you a refund. Also, if you decide to relocate, you might not be able to transfer the funeral plan to another funeral home. And the fact that the funeral home might go out of business and your plan might no longer be valid at all.

3. Use Your Life Insurance

Deciding which life insurance to buy is a hard decision to make. Before you buy life insurance or funeral insurance, you should have a rough estimate of what your final expenses will be. Your funeral will usually be the largest cost that you must face, but there are others, such as medical bills, legal fees, credit card debt, and more.

There are lots of different types of insurance available that you can pick from. There is life insurance, funeral insurance, and burial and final expense insurance. The pros and cons of these different types of insurance vary, so you need to carefully consider each policy before you pick one.

4. Go Green

A green or natural burial is a type of funeral that has minimal impact on the environment. When you choose this kind of burial, you are choosing a funeral that uses biodegradable materials as much as possible.

Green funerals are also significantly cheaper than traditional burials. An example of this is just burying the body without any embalming fluids, concrete burial walls, or cremation. This kind of burial just involves a biodegradable casket and clothing. This significantly lowers your funeral expenses.

5. Create A Funeral Fund

You can also go ahead and create a funeral fund to get yourself ready for when the time comes. This is when you save money over time to get yourself ready to pay for funeral expenses.

You can do this in a normal bank account, but it is a better idea to use a Totten trust. This is because it will accumulate interest and has a designated inheritor to receive the money when you die. You can name a loved one to receive the inheritance. Then you just put money in the account and let them handle the rest.

6. Use A Car Title Loan

Another option that you can consider if you are faced with an emergency expense, such as paying for a funeral, is applying for a car title loan. This is a way to get the fast cash you need based on the value of your vehicle’s title.

There are a lot of advantages that can come with applying for a car title loan. These advantages include:

• There is no store visit required, they will come to you
• You can keep your car while you pay off the loan
• You can have your emergency cash quickly deposited directly into your account

There are just a few things that you need in order to apply for a car title loan with Texas Car Title and Payday Loan Services, Inc. These items are:

• The lien-free title to your vehicle
• Your driver’s license or another valid form of government-issued photo ID
• Your vehicle for inspection
• Your most recent paystub to prove your income level and ability to repay the loan

Final Thoughts

Paying for a funeral can be a stressful experience. There are options that you can consider however to make it easier. Any of these strategies in this article will help ease your burden and help you manage your funeral expenses.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.