Tips for Paying for Funeral Services

Everyone knows that it’s important to preplan for any services at funeral homes in Frisco, TX. However, most people don’t preplan for how they’re going to pay for these funeral services.

How do you preplan paying for a funeral?

Paying for a funeral isn’t as easy as leaving some money in a savings account, though. When someone dies, their bank freezes their accounts and assets for a month, or sometimes longer. This means that after you die, your family won’t have access to your savings accounts until long after the funeral is over. Funerals can be expensive, so it’s important to make plans now for how you will pay for yours. This way your loved ones aren’t suck with a massive tab when you’re not around. Luckily, there are a few easy ways you can set money aside:

1. Low-Cost Options – If you don’t have money to set aside right now, and feel like you won’t later on either, you can plan for low-cost funeral options. From direct cremations and at-home funerals to green burials, or even donating your body to science, there are definitely low-cost options out there. If you do plan to donate your body to a medical school or other institution be sure to enroll in advance.
2. Veteran’s Benefits – If you served in the military you may be eligible for veteran’s benefits, including burial, funeral or cremation at no cost. The Veterans Administration will pay a burial allowance to your loved ones to cover related expenses. Check the VA website to see if you’re eligible.
3. Payable-on-Death Account – Payable-on-death accounts, or PODs, allow you to set money aside specifically for funeral and other death-related expenses. Your beneficiaries simply have to present a death certificate to the bank in order to obtain the money. They will not have access to the money until after your death.
4. Borrowing – Banks also offer loans specifically for funeral home payments. However, as these loans are personal and unsecure, they can get expensive. Interests range usually from 16 to 35 percent on these kinds of loans. Since the FCA recommends that you do not go into debt for a funeral, be sure to only take out a loan you can easily pay back.
5. Insurance – Most life insurance policies will pay out a lump sum of money to a beneficiary when you die. This lump sum can go a long way towards paying for your cremation expenses. These insurance payments are made almost directly after death so your loved ones can access the money right away. There are also special insurance policies for death related costs like burials, funerals, cremations and more.

Using these tips, or other ideas, will go a long way towards making your life easier, and saving your loved one’s stress after you’re gone.

Slay Memorial Funeral Center is here to help if you want to learn more about Frisco, TX funeral homes and related services. Please stop by and visit us or give us a call for more information about what we can do for you in your time of loss.