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Nobody wants to think about his or her own death, but it’s important that you have that discussion with your loved ones. You need to detail what your final wishes are and how they can carry those out. If you don’t plan for your passing away, it’s going to make the situation a thousand times worse for your family when the time comes. They are going to have to make the difficult decisions, which can leave them wondering if they made the right choice.
Burial vs. Cremation
Cremation is becoming an attractive option for people’s final wishes. There are dozens of reasons that people are choosing to be cremated instead of a traditional burial. One of the most common reasons is that cremation tends to be much cheaper than a burial and all of the related costs to a funeral service. If you’re looking at cremation, you need to understand how much it’s going to cost and what you’ll be paying for.
An average cremation can cost anywhere from $2,000 to $4,000, but it isn’t uncommon for it to cost around $1,500. It’s easy to see that this route is much cheaper than a traditional burial process which costs an average of $10,000 but can quickly reach $20,000. Just like with any other good or service, cremation costs are going to vary depending on where you live and the crematory that you choose. Regardless of where you live, cremation is going to be significantly less expensive than a burial.
The cost typically just covers the cost of the cremation itself, several smaller fees could be attached to the total costs. None of these expenses are going to break the bank, but you should be aware of any additional costs that you may run into. Remember that each cremation center is different, and some of them may have more or fewer fees depending on their guidelines.
One additional cost that you can expect to pay is for any official documentation that comes along with losing a loved one. They will also give you an original death certificate as well as transportation for the body from the place of death to the place where the body will be cremated. Both of these are going to be minor expenses and will vary depending on the service that you use, but should not cost you more than a couple of hundred bucks combined.
Another fee that you could run into is the disposing of the remains by either burying or scattering them. This cost is hard to judge because it can vary more than the other expenses. If you plan to bury them, there will be the fees for the digging and closing of the hole, if not, scattering them could be free.
One of the most significant costs that you could pay for is to have a casket to display the body for a memorial service before the cremation. Caskets can range anywhere from $500 for a basic wooden casket to $20,000 or more for an elaborate version. Most people choose not to purchase a casket if they are doing a cremation, but you’ll need to decide what your personal preferences are.
Burial Insurance Policies
It’s easy to see that after you pass away, your family are going to be responsible for a massive amount of final expenses, which can make the situation a financial strain as well as an emotional one. One of the best ways to offset those bills is to purchase a burial insurance policy.
Burial insurance plans operate the same as a traditional life insurance plan, but they provide a lot less coverage, which means that the premiums are a lot smaller as well. It’s vital that you give your family the insurance protection that they will need if you were to pass away, there are several questions that you can ask yourself to determine if you should purchase a burial insurance plan or apply for a traditional life insurance policy.
The first question that you should ask yourself is, “how much debt will my family be left with after I pass away?” the primary goal of insurance is to give your family the money that they need to pay off your debts and final expenses. You should ensure that your plan is sufficient to cover those expenses. If you don’t have any debts anymore, or just a marginal amount, then you can consider purchasing a burial insurance plan and save money on premiums.
The next question that you should ask is, “does anyone rely on my paycheck?” the secondary goal of your plan is to replace your stream of income for your loved ones. If you’re one of the main income earners in your household, then your family is going to suffer if you passed away, that’s where these plans come in. If you don’t have anyone that relies on your salary than you can purchase a smaller burial insurance policy.