When we discuss economics, most of the of the focus is usually on the cost of living. But one thing many people forget is that even when someone passes away, there are still some final costs that need to be accounted for. It’s not just taxation on an estate either, although that is one consideration. If you want to say goodbye to someone properly, there’s the funeral to consider, and then after that the legal and financial costs associated with dealing with an estate. Did you really believe that all of these things would be free?
It’s Only Gotten More Expensive
Most people have no awareness and done no research on the “market conditions” for a funeral. And while many people may be aware, intellectually, that services will need to be paid for in order to have the respectful, dignified ceremony that a loved one deserves, few really appreciate just how much is involved in such an event. In some ways, a funeral is not dissimilar to a wedding, in that there are factors like:
- Embalming For The Departed
- The Funeral Ceremony
- Cost Of Coffin/Urn
- Limo/Hearse Transportation For Body & Family
And many, many other costs. If you’ve ever had to finance a wedding, you know that a wedding does not cost $100 to pull off. It doesn’t even cost $1000, or even $5000. There was a point, in the past, when it was possible to have a dignified funeral for about $700, but in the 21st century, that simply isn’t possible anymore. If you want to have a funeral that actually provides the respect and quality that a loved one deserves, a typical, professionally executed funeral can now average $10000, maybe more. While that’s still less than a lavish wedding, it’s far from an insignificant sum, and can go up considerably if you want a lavish funeral.
Why Is It So Expensive?
There are numerous reasons why the cost of funerals has gone up in recent years. Part of this is, of course, the natural rise due to inflation. The other, however, is the rising cost of basic funeral components. The cost of coffins, for example, has gone up by 230% from the 1980s to 2017 in the USA. Funeral directors have been increasing their fees, and, perhaps most importantly for people that want a burial, more people are dying, but fewer plots are available in graveyards. Graveyards themselves are, for understandable reasons, not expanding at a rapid pace to meet market needs when land is in such heavy demand for living uses, such as commercial, retail or residential.
All of this means that funerals are getting more expensive to pay for. For some, unfortunately, it may also mean that a proper burial is out of reach. In the United Kingdom, for example, the rising costs of funerals have gotten so bad that one out of every five families that need to conduct a funeral simply cannot afford to do so.
What Can You Do?
One of the biggest reasons that people run afoul of financial problems when it comes to funerals is also one of the most easily preventable. People just need to plan ahead. You may want to start putting aside money, you may want to consider your life insurance policy, or, if you want an efficient solution, think about getting a Final Expense burial insurance policy.
All you have to do is have the willingness to think ahead about your funeral, then talk to professionals, such as funeral directors, about your options. When you have the numbers you need, come talk to us. Here at Living Legacy, we specialize in helping people to find the Final Expense insurance policy that will meet their needs for the future.