Purchasing a funeral plan

Can You Pay Monthly For A Funeral Plan?

Purchasing a funeral plan is one of the best ways to cover your end-of-life expenses and take the financial burden off of your family.  If you’re considering purchasing a funeral plan, you’re probably wondering what options you have. Let’s go over some common decisions and talk about which option could be best for you. 

Purchasing plans

There are two main types of funeral plan payments.  Some prefer to pay for their entire policy from the very beginning,  so they don’t have to worry about any remaining sum and know exactly how much exists in their policy.   It is also possible to pay for a funeral plan monthly.   If you don’t have the entire cash sum ready, this might be the best option for you, as it allows you to pay off the policy slowly.

There are so many different plans available, it can be hard to know where to start.  When selecting a purchasing plan, think about all the variables that can come into play.  Taking a look at your bank account is one of the first steps, as is discussing your options with an insurance agency.  

Research is an important part of the insurance process, so make sure you’re aware of your local providers and their policies.  So now you know all the choices you have available, but which one should you pick?

What option is best for you?

If you have the entire amount you’ll need to pay for your policy in cash, it may be best to pay it all off at once.  This will ensure that the entire amount is paid and both you and your family won’t need to worry about it in the future.

If you would prefer to pay for a funeral plan in monthly installments, there are many insurance providers that will allow you to do so.  However, there are some stipulations.  Some companies will charge extra if monthly payments are made, or if they’re still being made after a set amount of time.  For instance, some providers may add fees if a policy is still being paid off after a year.

There is also the possibility that the individual may not live long enough to pay off their entire policy if they selected a monthly payment schedule.  This circumstance is complicated and the result can vary depending on the policy and provider.  When enrolling in a policy, make sure you understand what would happen in this situation and if your family would be given any options.

What do funeral plans cover?

As the death benefit is often paid directly to funeral homes, these types of plans are intended to cover typical end-of-life costs.  Preparation of the body, the casket and the service can all be covered by the death benefit.  Because funeral plans are intended to cover the majority, if not all of the funeral costs, they’re typically thousands of dollars.  

Contemporary funerals are often more expensive than many think, as the many components can add up.  Flowers, the funeral home, a casket, food and other things can raise the price of a funeral and add financial stress on family.  Purchasing a funeral plan ahead of time is one of the best ways to cover these costs and ensure that everything is taken care of.

If you’re concerned about the cost of your funeral plan, know that there are ways to lower the price.  One of the best ways to decrease the cost of a funeral and burial is to be cremated.  If you donate your body to science, it’ll be cremated for free.  This means there’s no need for an expensive casket and you’re significantly reducing overall cost by the cremation option.  Donating your body to science is an excellent way to both contribute to society and be cost effective.

Selecting the right funeral plan

If you’re concerned about monthly payments, then that might be the deciding factor when choosing a funeral plan.  Different providers will allow a variety of options when it comes to payment, so make sure you look at all the different plans in your area.

Another deciding factor in funeral plan purchasing is how elaborate you would like your funeral to be.  Having a general idea about budget or location and other details can help in the selection process.  One of the best parts about purchasing a funeral plan is the ability to be specific in how you would like the funds to be spent.

If you think that a fancy location and expensive casket aren’t important, you may not need an extensive funeral plan.  Funeral insurance is all about preparing for the future, so take the opportunity to think about what you want.

Planning is important

Sharing your wishes with your family is important for multiple reasons.  It gives them the opportunity to honor you and have a funeral that you want.  Having a plan also takes some pressure off of your family.

Making decisions while grieving is incredibly difficult.  The more decisions you make means the less choices your family will have to make later.  This can make the process slightly easier for them and allow them to focus on making the service exactly how you wanted it.  If you’re wondering what kind of arrangements can be made ahead of time, make an appointment with the funeral home.  They can explain their process and the planning process that’s involved.  Don’t be afraid to ask questions and get the answers you deserve.

Reach out today

Insurance can be overwhelming.  There are so many different funeral plans available, it can be difficult to know if you’re picking the right one.  The best way to make a selection is to speak with an insurance expert who can walk you through your options and help you pick the right one for your needs.

If you have questions about funeral plans or are wanting to learn more about your options, let us know.  Our team at Senior Life Services is here to answer your insurance questions and provide guidance.  We understand how difficult funeral arrangements can be, so we’re here to simplify the process.


Ensure your loved ones are taken care. Call us today for a quote!

Call Toll Free: (800)548-3249