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What to Do When You Have to Pay for Funeral Expenses

funeral director meeting

Under ideal circumstances, a deceased loved one makes their own funeral preparations, giving you time to grieve instead of planning a funeral. But, in reality, a very small percentage of people preplan for their own funeral. If you find yourself in the difficult position of planning a funeral you hadn’t planned for, there are some factors you may want to consider regarding funeral expenses.

How Much Will a Funeral Cost?

According to the National Funeral Directors Association, the median cost of a funeral in 2021 was approximately $7,848 including the viewing, ceremony, and burial. This cost does not take into account any newspaper obituary, flowers, or gravestone. The median cost of a funeral involving cremation was $6,971. This cost does not include a cremation container or cemetery costs if the remains are to be interred.

Average national costs, however, may not account for where you live and the desires of the deceased. Funerals can be quite costly, but there are ways to mitigate costs when paying for a funeral.

Work Closely with a Funeral Director to Cover Funeral Expenses

Explain your circumstances to an experienced funeral director and let them know how much you are able to spend. Based on the information you present, the director can help make suggestions that fit your budget.

Assign Life Insurance Proceeds to Pay for Funeral Expenses

If your loved one had life insurance, they may have assigned a portion of the proceeds directly to the funeral home. Be sure to review any of the deceased insurance policies for possible coverage.

Pay for a Funeral with Proceeds from the Estate

If there are assets available from the deceased’s estate, the executor of the estate may have the ability to approve funds for a funeral, but note that payment may not happen immediately and/or there may be insufficient funds in the estate to cover satisfy funeral costs.

Investigate FEMA Coverage for COVID-Related Deaths

If your loved one died from COVID-19 after January 20, 2020, you may be eligible for a funeral expense reimbursement of up to $9,000 by the Federal Emergency Management Agency. Eligible individuals can apply by phone by calling 844-684-6333.

Consider a Personal Loan for Funeral Expenses

Sometimes an unexpected death turns into an unexpected expense that can be covered by a personal loan. If your deceased loved one does not have life insurance or assets in their estate, a personal loan could assist with paying for the funeral expenses.

Is this a good time to think about how your family would pay for your own funeral expenses? Or do you need money today to cover an unexpected expense like a funeral? Mariner Finance maybe be able to help. Contact your local branch today.

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The information provided in this article does not constitute financial advice and is provided for educational purposes only without any express or implied warranty of any kind. This article is not intended as legal, tax, investment, or any other advice, and Mariner Finance does not offer credit repair services. Consider talking with an appropriate qualified professional for specific advice. Blog posts are for informational purposes only.