Losing a loved one is one of the saddest and scariest situations in anyone’s life. It is really hard to accept that one of your loved ones is no longer with you. It makes your life hard but apart from losing your loved one, there is also another thing that can make your life hard, if you don’t do that which is final expense planning.
You cannot change the fact that the person is no longer here but what you can do is plan all the things that will be required in the funeral or memorial ceremony. By doing this, you will not only make sure that you don’t have to worry about the finance but this will also help you in managing the memorial ceremony much better.
So in this article, you will get all the information related to final expense planning. You will get to know about the ways by which you can calculate the expenses and also about how you can save money without compromising the needs. So if you want to know about all these things, then keep reading this article.
There are two categories of people who read this article. The first ones are those who have suffered a loss of their loved ones and searching about the total cost that will require for the funeral and the other ones are people who are planning and want to purchase final expense insurance. So this article will cover both, so let’s start with the cost that is required for a funeral.
What Is the Cost of A Funeral?
If you are someone who has suffered a loss of a loved one, then may their soul rest in peace and everything will be okay. Talking about the cost and expense that you will have to spend on a funeral depends on many things. It depends on the location where you live and the kind of services that you take but no matter where you live, you will have to spend around $1,000 to $15,000. You will get a detailed explanation which will include different costs and price ranges depending on the items below but keep in mind that you will have to spend in between this amount.
So this was the figure for the amount that you will have to spend but what about the average cost. So to give you more clarity, then the average cost of a funeral is $7,300 and if you talk about burial, then the average cost of burial is $6,200. The prices may vary depending on the services but this is an average cost. So now you know about the average cost, it’s time to talk about the different services.
Cost of Different Services
There are different prices for different services and it depends on your preferences. So if you want to choose cremation and you want everything, then the average cost for a cremation is $6200. This will include a service and cremation and you will also get memorial prints and other things. The good thing is that you can save some money if you host the service at your home because then you can skip items like an urn. It will make cremation less expensive and it will cost around $1,000 for direct cremations.
If you want the burial service, then there are other charges for that. Speaking of charges, the average cost of a burial and funeral is $7,300. The charges are different for the vault. You will have to spend $8,700 if you get a vault. These are just burial charges and plot and headstone charges are not included in it.
The burial plot for public cemeteries will cost around $700 to $2,000 and in cases of private cemeteries, it will cost you around $2,000 to $5,000. You will also have to pay for the headstone and grave marker. It will cost you $1,000 for a grave marker and around $5,000 for a headstone.
So if you add all these costs, then an unexpected funeral, with full services and things will cost between $9,000 to $15,000. A funeral can be very expensive if you are not in good financial condition but there are other options that you can choose like direct burials.
It will cost around $2,000 to $5,000 for direct burials. Direct burials will cost more, around $5,000 to $10,000 if you don’t have a plot. So everything related to expenses in mentioned above, now to help you, let’s talk about tips that can save you money.
How to Save on Costs?
All these services can be very expensive but some ways can help you to save some money. There are many things in which you can save money, so down below is a list of things that will help you in saving money.
1- Direct Burial/Cremation
If you don’t have big money, then you can also do direct burial and cremation. It is less expensive and a better option to save some money.
2- Ask about The General Rates
A lot of people make the mistake of not asking to show the general price list. Always remember that it is your right to know the general prices of the items.
Leal Funeral home is a small, local, family-owned funeral home in Houston and they have a location in every part of Houston (North, South, East, and West). They can help you in a lot of things like remains transport and they can also offer packages and services to fit at all budgets.
So till now, all the information was for people who are planning a funeral and want to calculate the expenses of different services and now it’s time to move to the other part, so if you are someone who is planning and want to know about final expense insurance, then down below you will get information regarding it.
Final Expense Insurance and Planning
If you want to purchase final expense insurance then you must understand what final expense insurance is. So final expense insurance is like life insurance. The good thing about this insurance that it will cover all of your medical bills and also the funeral expenses. These insurance plans come with a lot of features like fast approvals, full life insurance, cash value, etc.
If you want final expense insurance then there are different rates for both males and females. There are different plans for seniors and different prices according to their age.
For Males:
• If you are at the age of 50, then you will have to spend around 40$, monthly.
• If you are 55, then around 49$, monthly.
• If you are 60, then around 60$, monthly.
• If you are 65, then around 68$, monthly.
• If you are 70, then around 87$, monthly.
For Females:
• If you are at the age of 50, then you will have to spend around 34$, monthly.
• If you are 55, then around 39$, monthly.
• If you are 60, then around 45$, monthly.
• If you are 65, then around 58$, monthly.
• If you are 70, then around 76$, monthly.
For the people above the age of 70, the prices are high. For males, the final expense life insurance will cost between $125 to $185 and for females, it will cost between $100 to $150. Final expense insurance can help you in saving money at the time of the funeral. If you are more concerned about kids, then you can also purchase life insurance for them but generally, this insurance is purchased for seniors.
Conclusion
Funerals are hard for both, our heart and our bank accounts. It is always better to plan everything because you never know, what might happen. So to save yourself from any kind of financial crisis, you must do some preparations before. Proper planning will save you from extra efforts and make the funerals a little easy, in terms of money.
Everything related to final expense planning is mentioned above. Read the article carefully and according to your needs, do the things that are important for you. Hope this article will solve all of your doubts and queries regarding final expense planning.
Leal Funeral Home provides Houston with funeral and cremation services. Please feel free to contact us for help planning for any of our services.