People do not like to think about their own mortality, and how the day will come when they will cease to exist. Unfortunately, when people fail to plan for this occasion, they may add financial worries to the stress and grief that their loved ones will suffer at their loss.
Funerals are a necessity, but they are unfortunately expensive. It is a legal requirement in most jurisdictions to dispose of human remains in an authorized fashion. Cremation is a common choice, but reducing human remains to ash requires special facilities and it costs a lot of money to run these. Naturally, costs have to be recouped by charging the families for the service.
The sad thing is that many people leave no assets to cover the costs of their disposal when they die. What makes this even sadder is that the average person will live well into his or her seventies, so there is plenty of time to set aside fund to pay for the inevitable.
We asked a funeral home in Medina OH how these work. There are variations to this type of plan. Many companies specialize in providing funeral plans. With these plans, people pay a sum of money each month into the plan. After a certain number of contributions have been made, the company will pay all funeral expenses.
It is important to check what is included in these and what is excluded. Some excluded costs may be unavoidable, and will have to be financed some other way. People should also check to see what happens if they cannot keep up payments.
Some funeral service providers let people pay in advance. A lump sum based on current funeral prices is paid, and covers their funeral costs. This is a way of avoiding the inevitable cost of inflation. However, it also assumes that the funeral company will still be in business when the person eventually dies.
Many people take out life insurance to protect loved ones in the event of accidental death, but this type of insurance can also be used to defray funeral costs. Many life policies lapse when people reach retirement age, so it is important to keep paying in if you want to keep the policy active.
Peace of mind
Making sure you have organized finance for your own funeral is a great way to get peace of mind. The earlier you do this, the less it is likely to cost.