Although we do not want to have to plan for the passing of our loved ones, it is recommended that you plan financially due to the high cost of a funeral. Funeral costs can range based on your location and final wishes of your loved one.
Costs to factor into a funeral are the hearse, funeral home service fee, casket, headstone, burial plot, viewing and staff fees for any services. If the deceased wished to be cremated, there are separate feeds associated with those services. Funeral costs can be planned for be setting aside a fund or taking out an insurance policy.
The average funeral cost is between $7,000 and $9,000, with the median cost being $7,360.
Many families tend to overspend on funerals due to the emotional impact of a loved one passing clouding their best judgment or due to a lack of time and experience. It is important to take the time to research and contact multiple services to see which is right for you and your family and to see what services are within your price range.
Additionally, you should know and understand your rights. The Federal Trade Commission (FTC) introduced the “Funeral Rule” in 1984 which gives you the right to only buy the goods and services you want, be given an itemized statement of all goods and services, be told price information over the phone, and other rights related to your funeral.