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Experts discuss ways to save money on funeral costs

Pabio November 9, 2024

(Consumer Reports) – Losing a loved one is difficult. Add to that the funeral costs, which can be nearly $10,000 and easily much more if you need to have a safe to place the casket in, and the experience becomes even more stressful. However, as Consumer Reports explains, you don’t need to break the bank to have a meaningful goodbye.

After losing her father unexpectedly, Scarleth was overwhelmed by grief and funeral costs.

“Just the floor itself, the coffin, there are chests involved. There are all these different things that I didn’t know,” she said.

It’s staggering: Median funeral costs in the United States – including casket, visitation and burial – have exceeded $8,300 in 2023!

“It’s critical to understand that you have choices, so look at prices at several local funeral homes, then choose the option that best fits your needs and budget,” advised Diane Umansky of Consumer Reports.

One of the largest expenses is often the casket, usually sold by the funeral home for around $2,500. But how about ordering one from Walmart or Amazon? The Federal Trade Commission requires funeral homes to accept caskets purchased elsewhere without charging you extra.

If you have chosen cremation for your loved one, you can forgo a visitation and choose “direct cremation” to reduce costs. You can always have a memorial service later at a funeral home, place of worship, or even at home.

Many of us put this off until later, but planning ahead can also help.

“You can open a final expense bank account to start putting money away. You might also be tempted to pay in advance, but that can be risky if the funeral home closes or your family doesn’t know you’ve already paid,” Umansky explained.

As Scarleth says, have an honest conversation with your loved ones.

“I know it’s something we never want to talk about. It’s just you try to be ready, because you want to make sure you honor them the way they want to be honored,” she said.

Consumer Reports recommends being cautious when it comes to funeral insurance. – These policies can be expensive and you could end up paying higher premiums than the policy covers, so make sure you understand any policy you are considering and, as always, read the fine print.