How much will a funeral cost in 30 years?

Funerals could cost your loved ones up to $12,000.  But with the right insurance coverage in place, your family can celebrate your life and mourn without risking their financial situation. 

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how much does a funeral cost

Death is a very tragic event, but burial cost can make the experience worse. Funeral expenses can go up to $10,000 or more. However, with the correct planning, your loved ones may grieve you’re loss peacefully and celebrate the beauty of your life without financial burden.

Funerals are an important event to celebrate a person’s life after their passing, but it can also become a financial problem. Their’s a lot of planning and arrangements needed to make it memorable, but the cost is higher. There is a better way to secure your family against financial burden after you’re lost. It is through early planning with the help of life insurance.

It is easier to safeguard the welfare of your family using a life insurance policy. This policy will take care of funeral expenses while stating how you want your funeral to be held. It is called a comprehensive plan of action that can secure your loved ones from substantial financial stress.

Important Takeaways

  • A standard funeral may cost around $8,000 to $10,000
  • The location influences funeral cost
  • Getting the best life insurance policy is the key to secure your family’s future
  • Planning includes last wishes and how you want your death benefit to be used

How much will a funeral cost in 30 years?

Dying nowadays is getting expensive day by day. An average cost is around $8,000 to $10,000. Just in the US alone, there are an estimated 2.4 million funerals every year, and it will continue to increase because of the emergence of new diseases. According to an independent agency, The Consumer Price Index, the average increase of funeral costs is 227.1% for the last 30 years.

The cost of living and dying is similarly influence based on where you live. You will find out that some states like New York have above-average funeral and burial costs with a high living cost. The funeral costs come as a shock most of the time and make grieving families more stressed because of financial insecurity. Typically, families are not prepared for this massive amount of expenses. That is why most of them end up getting a loan or taking some from their retirement savings to cover the cost.

How much does it cost to bury someone

STATEAVERAGE COST OF FUNERALAVERAGE COST OF END OF LIFE EXPENSESAVERAGE TOTAL COSTS
Alabama$6,933$12,264$19,197
Alaska$10,084$17,840$27,924
Arizona$7,530$13,321$20,852
Arkansas$6,746$11,934$18,681
California$11,777$20,834$32,611
Colorado$8,198$14,503$22,701
Connecticut$9,914$17,538$27,451
Delaware$8,392$14,846$23,238
Florida$7,600$13,445$21,045
Georgia$6,925$12,250$19,175
Hawaii$14,975$26,492$41,467
Idaho$7,165$12,676$19,841
Illinois$7,336$12,978$20,314
Indiana$6,987$12,360$19,347
Iowa$6,995$12,374$19,369
Kansas$6,909$12,223$19,132
Kentucky$7,057$12,484$19,541
Louisiana$7,290$12,896$20,185
Maine$9,122$16,137$25,259
Maryland$10,069$17,812$27,881
Massachusetts$10,216$18,073$28,290
Michigan$6,902$12,209$19,111
Minnesota$7,887$13,953$21,841
Mississippi$6,684$11,825$18,509
Missouri$6,762$11,962$18,724
Montana$8,299$14,681$22,980
Nebraska$7,049$12,470$19,519
New Hampshire$8,516$15,066$23,582
New Jersey$9,712$17,181$26,892
New Mexico$6,793$12,017$18,810
Nevada$8,423$14,901$23,324
New York$10,799$19,103$29,902
North Carolina$7,367$13,033$20,400
North Dakota$7,670$13,569$21,239
Ohio$7,049$12,470$19,519
Oklahoma$6,754$11,948$18,702
Oregon$10,418$18,430$28,849
Pennsylvania$7,895$7,895$21,862
Rhode Island$9,269$16,398$25,667
South Carolina$7,445$13,170$20,615
South Dakota$7,748$13,706$21,454
Tennessee$6,886$12,182$19,068
Texas$7,103$12,566$19,669
Utah$7,639$13,514$21,153
Vermont$8,889$15,725$24,614
Virginia$7,818$13,830$21,647
Washington$8,594$15,203$23,797
West Virginia$7,072$12,511$19,584
Wisconsin$7,554$13,363$20,916
Wyoming$6,933$12,264$19,197

The graph below displays the median funeral costs in 2021 according to the National Directors Funeral Association:

How much does final expense life insurance cost

Final expense online quote

The Right Funeral and Burial Plan

The truth is that planning for your death is not a good feeling, but it is a vital fact that everyone should face. Also, necessary arrangements should be in place if you want to leave your family in a good place.

A sensible conversation and open end-of-life planning, although difficult, is very critical. According to Priya Malani of Stash Wealth, assuming or guessing what a loved one wanted for their funeral might end up costing more than what they prefer to spend for their funeral.

Therefore, with the right and timely planning, you can secure your family from the added burden. There are two ways on how you can help your family after your passing.

  • Ensure that they are financially prepared for the funeral cost
  • State your wishes with your financial planner and make a will

The Right Financial Support

The best financial support that you can provide is in the form of a life insurance policy. It is to ensure that they will not end up spending their savings or getting a loan.

According to Risk Paskin of Funeralwise, if you are still undecided to plan and arrange a policy, then your family is at risk, and the expenses are due at the time of your funeral. The funeral service’s actual cost is getting higher, but other than that, there are additional costs to consider, like end-of-life expenses and bills.

Also, Paskin explains that a funeral is not the only expense that might be left behind when a person dies. There could be legal bills, medical, hospital bills, rent, and utilities. With the proper financial support in place, such as a life insurance policy, your loved ones will be able to handle finances well.

As a result, they can grieve and honor your legacy after your passing. Insurers pay out the death benefit to your beneficiaries. The money can be used whatever they please. Typically, the waiting time before the payout is short. Beneficiaries may be able to acquire the money a week after filing for the claim.

What is FEMA Assistance?

It is good to know that FEMA offers assistance to families who lost their loved ones because of COVID-19. One can acquire an amount of up to $7,000. You can use this subsidy be used for expenses like:

  • Casket 
  • Transportation of the cadaver
  • Mortuary service
  • Burial plot
  • Two copies of death certificates 
  • Creation or interment

All funeral costs from January 20 to December 31, 2020, are included in the assistance. However, funerals held starting 2021 are not eligible. 

Spell out All your Wishes

After you die, your family should immediately decide on your funeral arrangements. Death is an emotional moment in life and planning a funeral can be overwhelming.

Planning a funeral is somewhat similar to planning a wedding because it is detailed and should be very organized. It starts from choosing the type of casket to the catering and flower arrangements for the memorial service. The difference is that planning a wedding takes months, but planning for a funeral should be done for a few days or weeks while grieving.

You can do something about it by planning ahead of time and creating your wishes into writing. Instead of a traditional burial, you may state that you choose cremation or green burial. If you will not layout your desires, then they spend time deciding what is best for you.

You can explicitly write your funeral arrangements in your will or just a written instruction to someone who manages your financial affair, like a lawyer or financial planner.

Paskin also stated that having a plan is a thoughtful and caring gesture to do. A project is essential even if you do not have insurance in place. It is great to leave a plan, at least.

Types of life insurance

There are diverse types of life insurance policies available. Any insurance can protect your loved one from financial burden after your demise. Every type makes a payout in the form of the death benefit, but the function and offer may differ.

It is vital to dig deeper into each type of policy or plan to know what’s best for you and your family. You may talk to an independent life insurance agent or broker like Coach B to determine the best type according to your circumstance. They will discuss each type in detail for you to understand how each policy works.

Term Life

One of the most common types of life insurance policy is term life. This type lasts for a definite time, like 10 to 30 years. Hence, it is also the most cost-effective choice for many. If you are looking for the most affordable one, term life is the best option to secure your family.

Term life is the best type if you are looking for cost-effective insurance, but it has an expiration date. If you want to secure your funeral expenses, it is good to plan them wisely. It is possible to lose your coverage if you outlive your policy. Although living beyond your policy is excellent news, it also means that you lose all premiums paid.

If you want to prevent it from happening, you may convert it to a whole life policy or purchase an entirely new approach. If you think it will happen soon, it is better to contact your insurer six months before it expires.

Whole Life

There is another excellent choice for life insurance that does not expire. A whole life policy is a permanent insurance, but it is 5 to 15 times costlier than term life. Sadly, some policies lead to lapses and abandonment of the policy within the first ten years. However, it is one of the best options for confident people to finance its monthly premium on a long-term basis.

Final Expense Insurance

Those who are near to their retirement age may opt for a final expense policy. It is an excellent choice if you do not have dependents, but it is more expensive than term life policy. The good thing about the final expense is that you do not have to go through a medical exam.

Also, it is a guaranteed issue, which means that you will be automatically approved for a policy. It is if you can make premium payments and you do not have a terminal illness.

Moreover, the final expense offers a lower death benefit compared to the two first options. Hence, it is also enough to cover funeral expenses and other medical costs. It is costlier but can offer a sure coverage to your loved ones if you do not qualify for a traditional policy.

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Your Estate and Assets as Support

If you plan to leave your estate and assets to your loved one for financial support and cover your final expenses, it is not a good strategy. After your demise, your estate will go into probate. There is no assurance that your beneficiaries will receive the total amount of your estate and assets. They will look into your debts and ensure that creditors will receive their repayments. Good idea to have an estate plan.

Creditors will be the first to receive payments before your beneficiaries. Therefore, they will not get the amount according to your will. Also, they may even end up not getting anything to pay for your funeral expenses. Aside from that, they may choose between a decent funeral arrangement and the everyday cost of living.

On the other hand, life insurance coverage cannot be taken by creditors, and it is not subject to probate. The only one who can take the money from the insurance is your beneficiaries. It means that it is a surefire way to provide your loved ones with the financial support that they need in the event of your passing.

Furthermore, the probate process may take a while, so your family may need to shoulder all funeral and other expenses. With life insurance, once you acquire a death certificate, the process is relatively easy and faster unless there is something odd about the cause of your death.

The Best Way to Prepare your Loved Ones

No one is prepared for death, but you can plan if it happens. A robust plan is a combination of a life insurance policy and a will stating your death wishes. A written will make it easier for your family to decide on the funeral arrangements. You can also designate who has the right to claim your additional assets and estates among the family member. It will avoid conflict among the member of the family if everything is clear.

It is hard to think of someone you love and care for who just died, and the funeral home or the hospital asks questions. These questions need quick decision-making. By having a solid plan for your death, your family does not have to suffer deeply.

A financial planner is the right person to guide and help you institute the proper safeguards. It will give your family a peaceful time to mourn without any distractions. Also, having detailed wishes will provide you the liberty to orchestrate your funeral the way you want.

According to Kichenbauer, having a death wish is a gift to your loved ones. It is hard to decide for the casket and burial while thinking that you just lost someone you love. Little details that you can provide them are essential for

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About Coach B.

After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.

In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.

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