YOUR OPTIONS FOR COVERING FINAL EXPENSES

1. Use Your Savings

Money in your checking or savings account can be used to help pay for burial or cremation, funeral services, and other final expenses. However, it’s important to know that even if there enough money in there, these funds may not always be available right away to your family. And, many people find that using savings may leave little or nothing left over for your family. 

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2. Buy a Pre-Need Funeral Plan

A Pre-Need Plan allows you to choose and pre-pay for funeral services in advance. These plans are usually purchased directly from a funeral home. While this can help with planning, it may limit your flexibility and does not always cover every cost that comes up later. 

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3. Burial Insurance

Burial Insurance is designed specifically to help cover funeral and final expenses. It provides money directly to your loved ones, often very quickly, so they can pay the bills when the time comes. For many people on a fixed income, this has become one of the most affordable and practical options. 

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4. Rely on Family

If there is no money set aside, and no insurance or pre-paid plan, the cost usually falls on family members or loved ones. This can be a heavy burden, especially when bills must be paid right away. 

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5. Social Security Death Benefit

Social Security provides a one-time payment of $255 to help with funeral expenses. While helpful, this amount usually covers only a small portion of the total cost.

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6. Veterans Benefits

If you are an honorably discharged veteran, your family may be eligible for some assistance from the Veterans Administration. These benefits vary and may not cover all expenses, but they can help reduce some costs. 

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7. Funeral Loans or Credit

Some families turn to loans or credit cards to cover funeral costs. This can provide quick funds, but it often means high interest and long-term debt for your loved ones. 

8. Donations or Fundraising

When no other options are available, families may ask for donations or hold fundraisers. While people often want to help, this can be stressful and uncertain during a time of grief. 

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Planning Ahead Makes a Difference

By understanding your options and planning ahead, you can help protect your family from financial stress and give them peace of mind.