The payment of a funeral of a deceased family member is one of the first few things that you need to settle before even going into the details of the service and the burial. Of course, the body needs to be prepared, the method of burial will need to be decided and the venue will also be chosen. In all of these tasks, money will have to be dispensed.
Although the family is still dealing with the loss of a loved one, members need to settle the funeral prices to get things going. There are different ways on how the payments can be done.
Here are the most commonly used methods:
- Funeral Plan. It is very important to know if your family member has a funeral plan. This is probably the best option for payment since the family will not have to dispense a lot of money. In funeral planning, all of the necessary components for a funeral are already pre-paid. So the family will just have to think about the food and drinks for the guests. Unfortunately, not all people have their own funeral plans and this could be a problem among families.
- Personal Savings. If there was no funeral plan arranged, many families actually use their own personal savings to cover for the payments for the funeral. The families would have to contribute for their deceased member to have a decent burial. Savings which are intended for other purposes can be depleted due to this sudden event.
- Loans and Credit Cards. Many people would agree with the fact that credit cards are the quick solutions to any monetary issues. But the downside about using credit cards or loans is that you would have to think about paying the bank even months and years after the funeral is done.
- Life Insurances. Most people may have life insurances and when they die, a percentage of money is given to the family. Although this amount will be very useful, the money is not released immediately and it would take a lot of processing time to do so.