How to Create a Financial Funeral Plan?

Financial Funeral Plan

This post was most recently updated on December 5th, 2022

When anyone dies in a family, the family will have to go through three primary burdens. The burdens are emotional, legal, and obviously financial.

Emotional and legal burdens can be overcome easily; most people are stuck in financial burdens. This is because executing a funeral requires adequate financial support.

In that case, if the dead person had a proper funeral plan, it would be easy for the family to bear the funeral costs. So, it is crucial to create a financial plan properly. If you are confused about creating a proper financial funeral plan, check the context.

Here we will share a complete guideline on how to create a financial funeral plan properly. So, stay updated by reading the entire context.

What Are The Purposes Of Creating A Financial Funeral Plan?

Have you ever thought about how your funeral will be executed? It is difficult to imagine, right? But you can create your own funeral plan, including financial plans before your death.

Furthermore, you can choose what kind of funeral service you want. All of these are possible by creating a proper funeral plan.

While creating a plan, it is crucial to consider the financial plans. If you don’t have a proper financial funeral plan, it will be pressured on your family or belongings.

A financial funeral plan will help you determine specific costs, budget, and how those expenses will be paid. By creating a proper financial funeral plan, you can ensure that your funeral reflects your own wishes.

How to Create a Financial Funeral Plan?

Creating a financial funeral plan isn’t a difficult task – considering some crucial factors, you can easily do it. For your help, here we have made a complete step-by-step guideline regarding this.

Create A Budget For a Funeral

First, you have to make a budget for your funeral according to the current funeral costs. In general, how much your funeral budget will completely depend on what you have imagined in your plan.

In that case, you can analyze some individual funeral plan costs. Below, we have estimated funeral plan costs according to the National Funeral Directors Association’s most recent 2022 studies. This will let you gain an overall idea of the costs of a funeral plan.

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Funeral ExpensesCosts (2022)
Metal Casket$2,500
Basic Services Fee (Non-Declinable)         $2,300
Use of Facilities (Funeral Ceremony)$515
Use of Facilities (Viewing)$450
Transportation of Remains$350
Other Preparation of the Body$275
Basic Memorial Printed Package$183
Service Car/Van$150
Total Cost (Funeral)$7,498

The funeral home will provide you with the overall cost of a funeral when you create your funeral plan. Typically, funeral costs don’t stipulate a particular time. Depending on the area, arrangement, and time, the funeral costs can be varied.

Pay Funeral Expenses

After estimating the budget, you have to consider how you would like to pay for your funeral plan. In that case, there are three options available for you to pay the funeral expenses. Below we have briefly discussed these payment options.

●      Prepay Funeral Expenses

A few funeral homes accept to prepay funeral expenses. This allows you to bear your own funeral costs before your death.

By doing so, you can ensure no funeral debt will be left for your family or loved ones that can make them worry. If you prepay your funeral expenses, you can seal the price, easing you from the price rising due to inflation.

●      Purchase Life Insurance

Apart from prepaying, you can purchase a life insurance policy to pay the amount of your funeral. This type of insurance supports your family financially to bear your funeral expenses after your death.

Even the policy can be used to pay your left debt and support your family or loved ones financially. However, while purchasing life insurance, you should choose permanent burial insurance instead of a term life policy.

A permanent policy protects you financially for your whole life, while term policies only protect you for a specific period of time.

●      Set Up A Saving Account

If you don’t like to prepay your funeral expenses to your funeral home, you can use your savings account. In that case, you have to ensure you have enough coverage or will be in your account to bear your funeral costs.

You will earn interest on your coverage if you deposit money in the savings accounts for funeral costs. Although the interest rate is lower, keeping your coverage for longer will help you get a good amount.

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Make An Agreement

Once you have decided on the payment method for your funeral expenses, you have to make an agreement with your chosen funeral home. In that case, you have to sign bond papers that contain all the necessary information about the payment.

At this stage, you can choose any of your belongings responsible for completing your funeral. In contrast, it is also possible to hand over the responsibility to the funeral home and your insurance company (even if you prepay the expense).

Things To Consider While Creating A Financial Funeral Plan

When creating a financial funeral plan, you must consider numerous things that impact your total funeral expenses. Here we have talked about some of these things for your convenience.

Funeral Home

You will find numerous funeral homes in your state, so you have a huge number to choose from. But it would be better to choose a funeral home nearby. However, when choosing a funeral home, you have to consider the things pointed out below.

  • Check the previous reviews of your chosen funeral home.
  • Investigate whether the funeral home has any bad records.
  • Compare the estimated funeral expense given by your chosen funeral home to others.
  • Ensure the funeral home will meet your cultural and religious requirements.  


Locations greatly impact the total funeral costs. At this stage, you have to choose locations for the ceremony, graveside service, reception, and last resting place. You can choose these locations based on your interest and financial capability.

In that case, if you choose locations requiring a large amount of money, your total funeral costs will increase.

Food And Drink Arrangement

Food and drinks are common for the funeral service. Your visitor will like to have some food or drinks after the grieving. Most funeral homes include a food and drink arrangement service.

You just need to choose which food and drink items to serve at your funeral. Depending on your chosen items, the funeral home will charge you while creating a financial funeral plan.

Transport Arrangement

While executing a funeral, the coffin usually moves by limo, but the transportation can be charged based on the deceased’s wishes or her/his belongings.

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Besides, deciding on your own funeral transportation is possible while creating the funeral plan. Many people like to choose tractors or fire trucks to transport the coffin, which will be much more expensive than normal transportation.

Final Disposition

While creating a funeral plan, you will need to choose your final disposition. At this stage, you can choose either a cremation or a casket container. Most funeral homes usually ask to choose a casket – you can choose cremation also. 

Whatever you choose, the price of the final disposition can be varied depending on the design, materials, and decoration.

Tips To Save Money On Funeral Plan

Bearing the cost of a funeral can be a burden for anyone. For that, here we have outlined some tips to lessen funeral expenses.

  • Compare the price of different funeral homes nearby to get the best-priced one.
  • Choose a funeral director wisely who will arrange everything from the care of your belongings to the collection.
  • Memorial costs can vary according to the type, so you should choose one that costs less.
  • Instead of hiring any vehicles, tell your belongings to transport your coffin in your own vehicle.
  • Donate your body to any charity or organization that will complete your funeral without any money.

Some Commonly Asked Questions About Financial Funeral Plans

Most people are confused about funeral plan expenses. For that, here we have answered some questions that people often ask. Check these; you may find the answer helpful.

1.   What Is The Cost Of A Funeral?

The National Funeral Directors Association estimates $8000 for a typical funeral. However, the cost can be varied depending on the funeral home, type of funeral, and different arrangements.

2.   Is There A Cheap Funeral Plan?

Direct cremation is considered the cheapest funeral plan, which doesn’t require the activities a funeral home does. Besides, there is a simple funeral plan like traditional funerals, but it costs less.

3.   Are Prepaid Funeral Plans Safe?

Yes, prepaid funeral plans are safe, but you must ensure the funeral plan provider is regulated by your country’s Financial Conduct Authority (FCA).


From now on, you may not have to experience any hassle while creating a financial plan. Hopefully, you now have a complete idea regarding this after reading the context. In general, you will just have to go through a simple procedure, as discussed above to create a financial funeral plan.

However, while creating a financial funeral plan, you should consider the things mentioned in the section above. This will help you to reduce the expense of your funeral plan.

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