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Financing a Funeral or Memorial Service


Cemetery charges and the cost of a monument or marker are extra charges, over and above the cost of the funeral. Inflation will increase these costs over time; in fact, average funeral prices have tripled in the last 15 years.

A funeral is an essential expenditure, and a little planning will eliminate the uncertainty of costs and payment. If you don't plan for funeral expenses, you run the risk of your family having to ask friends and relatives to share an unexpected financial burden, which can put everyone in an embarrassing and uncomfortable position. And if you borrow money, it has to be repaid.

Here are some options for financing funerals.

Pre Need Insurance
Preneed plans are designed to cover the expenses associated with your death and funeral. Preneed insurance companies such as Homesteaders Life Company offer several payment options to give you flexibility. (full article)


  Frequently Asked Questions about Preneed Insurance
What is preneed? What's a preneed insurance policy? How does it differ from the other options? The answers to these questions and more are here in this article. (full article)
Generally, annuities allow for the money you pay to be invested. Interest is earned which will, over time, increase the amount of money available to pay for your funeral. (full article)

Bank or Funeral Trust
A funeral trust is similar to a savings plan. The earnings on funeral bank trust funds are taxed every year, and paid either by the family or by the trust itself. (full article)


Life Insurance
A traditional life insurance policy can meet several needs--pay off loans, fund education costs, and provide for living expenses. (full article)
  Savings Accounts
A long illness can easily deplete short-term savings, while taxes and early withdrawal penalties can reduce long-term savings. (full article)


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