The average cost of a funeral went up 6.6% over the past five years, with the cost of cremations increasing 11.3% over that same time.
There are several ways to help cover funeral costs before it becomes overwhelming. Apart from a regular savings account or borrowing a loan, here are some ways that can help ease the financial burden of burying a loved one. Many life insurance policies will allow a lump sum to the beneficiary of your choice to help cover funeral costs,
It usually also covers any costs of the general needs of the decedent's surviving beneficiary or beneficiaries such as a spouse or children. This is basically a savings account specifically made to cover costs after a loved one dies. Whoever is named beneficiary on the account will be allowed to walk up to whichever bank and present a death certificate and the beneficiary can withdraw however much is needed to cover expenses. This will only apply to veterans.
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