Term vs Whole

So What Is An Average Funeral Cost Anyway?

I wanted to do some research on US funeral costs for a few reasons I won’t go into here, but what I did find was that it was very difficult to come up with current numbers. For one thing, consumers really do have a lot of options which can affect funeral costs. For another thing, it seems to be one of those things that is not discussed a lot out in the open. Considering that some funerals can cost as much as a car, it does seem odd that we do not see the same resources for comparison shopping that we do buy a 2 year old minivan. There are no funeral listings on EBay or or Nexttag, at least not that I could find while I was researching!

Funeral Cost Options

Let’s look at a very vague average funeral cost figure that excludes some pretty expensive items. In 2006, if you exclude the casket, cemetary plot, monument and other extras like flowers, the figure of a bit over $6,000 was arrived at. Of course, caskets can cost anywhere from $600 - $10,000, with a loose average of a bit over $2,000. So now we are up to well over $8,000. You have to add a burial vault or grave liner to that, which will average another $1,200. So it looks like a funeral can approach $10,000 or more. And I haven’t even found the average cost of a monument, though I know they can range from a few hundred dollars to several thousand dollars.

Of course, some things can reduce that cost. The funeral can be held at the gravesite, another venue besides the funeral home (like a place of worship or community center) to reduce the cost, or even in a home. Some people choose cremation for economic or philisophical reasons, which will elimiate some costs.

One good way to reduce costs is to consult with your place of worship or communit center. Clergymen, for instance, should be able to guide you during a time of funeral planning, and they won’t be motivated by profit like a funeral home is. This is a delicate time, and many people feel guilty about shopping after their loved ones have pass away. But still, think about your loved ones. Would they want you to overspend on their funeral, or would they just appreciate a pleasant funeral to show love and respect? Would they really care if their casket was plain or fancy, or if their monument was ornate?

Planning Ahead for Funeral Costs

If you are concenred about funeral costs because you are doing your own financial planning, or because you are planning for the death of a loved one, it really is a good idea to be prepared. Death and burials are a delicate subject in many families, and nobody wants to be seen as planning a party upon the passing on of a friend or family member. On the other hand, loved ones will have plenty of grief and stress right after a friend or family member dies without having to worry about where 10 grand in cash is going to come from to pay for the funeral, burial, and associated expenses like travel, meals, and time off of work.

What About Funeral Plans?

Some people plan for funerals by making sure they have a bit of cash set aside. This is a great situation, but many seniors are on fixed and reduced income and would find it very difficult to save $8,000 - $10,000 or more so they can plan for their own funerals. Of course, families step in to help, and the family and friends may contribute to the pot.

Pre-planning is popular these days, either though pre-need plans or final expense plans for seniors. Pre-need arrangements may be made with a funeral home or cemetary by paying for some or all of the costs in advance. Final expense plans are a form of senior life insurance which pays out a cash death benefit that can be used at any funeral home, and for other expenses as the beneficiary sees fit. In addition, any excess money from the policy can be used as a (usually) tax free way to inherit money and leave an estate!

Look at: Final Expense Insurance Rate Quotes

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