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Paying for the rising cost of funerals

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You’ve spent your life planning for important events and milestones: your wedding, your first home, your children’s education, your retirement.

In the midst of all this preparing, have you also remembered to plan for your funeral? It may not be something you want to think about—but it is, after all, an inevitable.

Making your arrangements in advance is a thoughtful way to express your love to your family. It gives your family the advantage of knowing your wishes so they can avoid hasty decisions and instead focus on celebrating your life.

Planning your funeral and preparing for the expenses in advance can also help save your family from financial problems. According to the National Funeral Directors Association, the median cost of a funeral with viewing and burial with a vault is $8,505.1 This average, however, does not take into account many common funeral costs2 such as:

  • Burial clothes: $95–$400

  • Flowers: $220–$360

  • Grave markers/monuments: $1,200–$2,000

  • Grave plot: $400–$10,000

  • Graveside service: $350–$500

  • Musician: around $150

  • Obituary: $0–$600

A funeral with all the bells and whistles could cost as much as $17,390 in 2017,2 but that amount could rise in the future.

According to the Bureau of Labor Statistics, in the past 30 years, the price of funerals in the U.S. has risen almost twice as fast as consumer prices for all items. From December 1986 to September 2017, funeral expenses rose a whopping 227.1%.3

If you’re wondering how you’ll cover these rising expenses, consider a life insurance policy from Bankers Life. With a policy, your death benefit is available upon proof of death and may be used by your beneficiaries to pay for such expenses.

Ready to learn more? Get in touch with a Bankers Life agent/producer today.

Everything you need for the life of your retirement

1National Funeral Directors Association, National Median Cost of an Adult Funeral with Viewing and Burial, http://www.nfda.org/news/statistics, 2017.

2TheFuneralSite.com, Funeral Costs—A Detailed Price Breakdown, https://www.thefuneralsite.com/ResourceCenters/Costs/How_much.html, accessed December 4, 2017.

3Bureau of Labor Statistics, The rising cost of dying, 1986–2017, https://www.bls.gov/opub/ted/2017/the-rising-cost-of-dying-1986-2017.htm, October 31, 2017.