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How do consumers pay for funerals?

Updated: 8/16/2019
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15y ago

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A popular way to handle burial cost is with life insurance. This however, is generally not the smartest way, as typical life insurance policies are subject to attachment, garnishments, IRS liens, Medicaid regulations, etc. etc. They can be easily 'lost', even though you've paid for them over many years. And they do nothing to guarantee the price you will cough up to the funeral home when it comes time to pay for all the arrangements.

The BEST way to pay for burial expenses is through the purchase of "Pre-Need" Funeral arrangements, which is an actual insurance policy geared to fulfilling the needs of the deceased and their family. These special funeral policies NEVER go down in value once they are fully funded. So yes, even though you may have chosen a plan with payments for only 5 years, once it is paid in full, it will continue to grow and keep up with inflation. This is one of the main reasons for Pre-Planning. It is also bullet-proof in that it is not subject to garnishment, bankruptcy, Medicaid spend-down, court attachments or lawsuits, etc. Just be sure the agent and company you are dealing with is fully licensed and bonded with an impeccable record for staying power over the years.

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Q: How do consumers pay for funerals?
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