Most funeral homes do not offer funeral payment plans to pay for the funeral expenses of your deceased loved ones and require full payment before services are provided.
Many funeral homes have payment plans. They also commonly allow people to prepay for their funeral in order to alleviate the financial burden that their families will bear when they die. Most funeral homes can be contacted, either by phone or by email, in order to learn if they offer payment plans.
Unfortunately, since most funeral homes do not offer payment plans and expect you to receive funds up front, this can put many families in a difficult position. Most funeral homes require payment in advance, and many families often struggle to find enough money to cover funeral expenses in such a short period of time.
Unfortunately, when the cost of a funeral suddenly rises and the deceased does not have a plan to finance the funeral, it can be difficult for the family to find a way to pay the expenses due to the added stress.
Funeral Costs Are Covered by the Family
Whether you pay in full or in installments, the cost of the funeral is borne by your family, so your family does not have to pay out of their own pocket. You can pay for the funeral out of your own pocket, ask for help from life insurance policies, have the deceased’s estate cover the cost of the funeral, or ask the entire family to attend. Be aware that if you die before your plan pays the balance, your family will have to pay the rest of the costs. However you choose to pay, you can rest easy knowing that your family will have nothing left to pay for the services included in your plan when the time comes.
Inflation can push up funeral costs over time, but a funeral contract combined with a Preneed insurance plan can offset inflation on the items and services included in the policy. A monthly funeral plan is more expensive because your payment includes instalments, however, the funeral service charges listed on your plan are still frozen and based on today’s costs, so paying this way can save you and your family money.
Paying a monthly funeral plan allows you to plan your funeral in advance for today’s prices, however, instead of paying a one-time funeral, paying a monthly funeral plan allows you to spread the cost over several years, making it cheaper. A prepaid funeral plan is an agreement between you and the funeral home that you prepay the funeral home today under the agreement that the funeral home will provide funeral services in the future and pay for all the above funeral expenses.
A Primer on Prepaid Funeral Plans
Many prepaid funeral plans cover everything you need for a simple funeral without your family paying extra for the services covered by your plan. At Simplicity, Simplicity offers three easy funeral plans for those who want to plan their funeral in advance, starting at 1,495 or 15.97 PS per month. At Simplicity you can plan your own funeral for just £15.97 a month. The Simplicity Cremations Funeral Plan allows you to share funeral costs; many funeral home providers currently do not have this feature when paying for funerals.
With a funeral loan, families can apply for a loan to pay the funeral home early for their services while paying the full amount in smaller monthly payments. Often several family members share the cost of services and each takes their own funeral loan.
A payment method such as a funeral loan is not only for those who find it difficult to pay for funeral expenses; some families may simply prefer to spread the costs over several months, or perhaps they just need more time to fundraise. Not all lenders will fund funeral expenses, so it’s best to ask your funeral home if they offer a payment plan or partner with a loan service that supports funeral and memorial funding.
You can always talk to your funeral home about payment plans or repayment options they are willing to consider for your situation, even if it doesn’t end with your repayment plan being safe. It may be helpful to provide proof to the funeral director that you can afford the funeral (for example, by showing him your salary), but that you cannot pay up front. Don’t reveal your finances or budget to a funeral director or force you to buy products and services you don’t want or need. Having a plan (some funeral homes register a no upfront plan) with the funeral home will take the financial burden off your family so they don’t have to worry about the stress of paying for a funeral at the time of the funeral.
The Advantage of Prepaying for a Funeral
By paying for your funeral in advance, you not only ensure that your wishes come true when the time comes, but you also relieve your loved one of any stress or uncertainty about what you want. It seems fair to pay for a funeral up front to protect your loved one from the burden of preparing and paying for end-of-life arrangements. If you can, set aside funds for the funeral in advance so that your grieving family members will not have to make financial sacrifices after your death.
The benefit of prepaid funeral plans is that your family doesn’t have to make decisions or bear the costs when you die. A prepaid funeral plan is a great way to put your family at ease when it comes to funeral planning, as they will know which funeral home to work with and what your wishes for services were. Advance funeral planning also gives you the opportunity to document your final wishes and choose from a variety of insurance products designed to cover your final expenses.
Depending on the funeral home’s policy, it may also be possible to develop a payment plan or use a combination of payment options, including credit card, cash, check, or an established funeral fund. In good times, a payment plan can be negotiated: third party expenses through the funeral home must be paid in advance with a balance payment plan.