Should You Pay for Your Funeral While You’re Alive?

Should You Pay for Your Funeral While You’re Alive?

Most of us don’t like to think about death, especially our own.

But, as Benjamin Franklin would say, “In this world, nothing can be said to be certain, except death and taxes.”

In other words, just because you don’t like to think about death it doesn’t mean you can escape it altogether. So, you know you can’t live forever, but should you pay for your funeral while you’re alive?

According to Moneywise, “Your funeral is the fourth most expensive thing you will ever pay for after buying a house, having children and getting married.”

Even if you have final expensive life insurance, funerals are expensive!

This is just one reason why it’s a good idea to start paying for your funeral while you’re alive. Below are some more reasons why you might want to pay for your funeral ahead of time.

Spare Your Family

By pre-planning for your eventual funeral, and pre-paying for it as well, you can relieve your family from this burden. Not only that, but you can ensure things are done the way you would want them to be done, such as having your body cremated or determining where you should be buried.

Save Money

The Federal Trade Commission offers some tips on funeral planning that could help you save some money. Their advice it to:

  • Compare Prices– Some funeral homes offer packages for your convenience, but that doesn’t mean you have to choose a package deal. Check with more than one to ensure you aren’t getting overcharged. Ask if any of the prices are guaranteed to remain the same. Additionally, it’s perfectly fine to ask for a price list.
  • Be Wary of Slick Salespersons– Just because death is a sure thing it doesn’t mean your sale is a sure thing. It is unfortunate that some salespeople can and will take advantage of others in this kind of business. Don’t let them pressure you into making a snap decision on anything. Some of them hear “pre-pay” and all they can see is the dollar signs in front of their eyes. Take your time with your decisions so you don’t get overcharged.
  • Know Your Rights– Did you know that the laws about funerals are different for each state? The requirements for each state are different, therefore, check before you make any firm decisions that could cost you more.
  • Take Your Time– Until you actually pass away, you have plenty of time to decide on the how’s and why’s. This will relieve the pressure of making fast decisions from your family and could end up saving you money from unnecessary expenses as well. You can always set up a specific savings fund for your funeral expenses instead of actually spending the money on pre-paying services. Of course, you run the risk of inflation driving up the costs over the years if you don’t pre-pay.

Protect Your Money

Use caution when paying ahead for your funeral services. What happens if the funeral home decides to go out of business? Instead of giving money to the funeral home that might never be used or returned, you could set up a separate bank account to be used for future funeral expenses.

Make sure a trusted family member or friend is in charge of making the final arrangements the way you wish them to be made and has access to this account. This way, you still have control over your money and it’s still available to you.

Even though death is certain, you can take the emotional and financial pressure off of your family by pre-planning and pre-paying for your funeral.

Do you think you will pay for your funeral while you’re alive?

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  1. Honestly, I wouldn’t prioritize putting money into funeral investment as I have a kid and I and my husband are saving for retirement and his education, but this funeral investment is kind of important but not on my priority list.

  2. I absolutely think it’s something to consider but only when you are free of other big priorities. We have two young kids and many years in front of us until retirement, so honestly getting through the costs that we have today as well as planning for our retirement and our kids college educations are much bigger priorities, and I wouldn’t dream of putting funeral expenses above those at this point. Down the road when those costs are no longer there, then sure.

    1. Yes, I totally agree. I think it’s something that my parents are considering doing now that they are older and my brother and I are grown, so they don’t have the costs of paying for us anymore. Their focus now is more on retirement and end of life planning.

  3. Definitely, I will pay for my funeral when I am still alive, but this is not my priority now. But, it’s really an investment we should take into consideration and we should prepare for.

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