There are many ways to offset the cost of funerals at funeral homes in Cleveland, OH. Funerals, like everything else in the American economy, cost more now than they used to. However, there are many ways to offset or get help with paying for funerals that you may not be aware of.
The easiest and smartest way to help pay for a funeral is by preplanning. That is something that you can do today to prepare for tomorrow. Preplanning for a funeral – and keeping it affordable – can be done using one of the following methods:
- Burial or Funeral Insurance – Burial or funeral insurance policies are designed specifically to pay for funeral expenses. Burial insurance policies are generally small-dollar-amount ($5,000 to $25,000) policies with affordable monthly rates that can be used to pay all your funeral expenses.
These do not require a medical exam, but most of these policies have a period of one to three years of having the burial insurance before payouts will be made.
- Life Insurance – Life insurance policies often have a higher dollar value because they’re intended to provide support for survivors after the policyholder dies. A portion of a life insurance policy can be used to pay for funeral expenses.
Life insurance policies always require a medical exam. The premiums for life insurance policies are higher for people who are older and/or who have underlying medical conditions, such as cardiac problems, diabetes, or high blood pressure.
Premiums for whole-life life insurance policies are much higher than for term life insurance policies, but whole-life life insurance policies are in effect until you die, while term life insurance policies must be renewed – with premium increases – every set number of years (usually every 10 years).
- Payable-on-Death Bank Account – Payable-on-death bank accounts are an excellent way to set aside funds for your funeral. They are easy to set up and you can designate the funeral home as the beneficiary or one of your surviving family members with the instructions that the funds there are to be used to pay for your funeral expenses. Payable-on-death bank accounts are excluded from probate, so the funds are immediately available to your beneficiary when you die.
If you are in the position of having to pay for the funeral of a loved one who didn’t have a burial insurance policy, a life insurance policy, or a payable-on-death bank account, there are other ways that you can offset their funeral expenses.
One popular method is fundraising. There are many ways that people look for to help a bereaved family and fundraising gives them a tangible way to help out. You can raise funds using several methods:
- Car washes, bake sales or auctions – Many members of the community, as well as friends and family, will gladly participate in these fundraising activities, both to help with the fundraising event and to participate by buying what the fundraiser is offering.
- Memorial funds – You can set up an account at your bank or at the deceased’s workplace where people can send checks or use a payment system like PayPal to donate funds toward funeral expenses.
- Crowdfunding – Crowdfunding sites like GoFundMe.com are specifically designed for things like raising money to pay for funeral expenses. You can easily set up a GoFundMe page for your deceased loved one where people can donate online. Be aware that crowdfunding sites often keep a small percentage of the money that’s raised.
- Social media – Social media is a great way to let a large number of people know that you’re raising money for your loved one’s funeral expenses. Be sure, however, to have a payment account like PayPal or a crowdfunding page already set up so that you can give that information in your social media post. Do not include any personal or financial information on social media.
If you’d like to learn more about preplanning funerals at funeral homes in Cleveland, OH, our compassionate and experienced team at E. F. Boyd & Son Funeral Home is here to help. You can visit us at our funeral home at 2165 E 89th St., Cleveland, OH 44106, or you can call us today at (216) 791-0770.