Choosing the Right Funeral Payment Option for You

Posted by: Erin Ward in Funeral Planning Resources | September 2, 2021

Planning a funeral can be an overwhelming experience, especially if you’re planning for a death that has already occurred. There are a lot of different decisions to make, from choosing burial or cremation to selecting readings and speakers for the service. But one of the most important, and often stressful, decisions to make is how you’re going to pay for it. 

If you don’t have the savings to pay up front or would rather keep your savings, choosing a payment option can be difficult. To help you not feel rushed into making a decision, this blog post gives you a quick glance at several alternative funeral payment options and why they may be right for you. 


Raise Funds for the Funeral and Other Living Expenses with Funeral Fundraising 

Funeral fundraising is when you create an online campaign for raising funds for your loved one’s funeral or other living expenses. Family, friends, and even kind strangers can simply select their desired donation amount and pay right for their laptop or mobile device.  

Below are a few benefits of funeral fundraising: 

  1. Like we mentioned earlier, you can raise funds for more than just the funeral. There are other expenses when a loved one passes away, such as medical bills, your mortgage payment, and other living expenses. 
  2. Funeral fundraising also helps give you a sense of community as you grieve your loss. Everyone’s generous donations and support show that you're not alone in your grief. 
  3. Depending on how much you raise, you may be able to keep your emergency savings instead of depleting it. 

Click here to learn more about funeral fundraising. 

Pay for the Expenses Over Time by Applying for Funeral Financing 

Funeral financing is when you apply for a funeral loan, so you can pay the expenses over time to the lender instead of all at once. This way, you can plan the funeral that you want without making sacrifices due to the cost. 

Below are a few benefits of funeral financing: 

  1. Instead of draining your funds, you can pay the funeral expenses over time, so you can still pay your bills and other living expenses. 
  2. Life is unpredictable, so with a funeral loan, you can keep your emergency savings for unexpected expenses, whether that’s fixing your car or replacing a kitchen appliance. 
  3. Funeral financing can give you the peace of mind that you need while grieving a loss. You know that the expenses are taken care of, and it’s one less thing to worry about as you adjust to your new normal. 

Click here to learn more about funeral financing. 

Submit a Claim to Use a Loved One’s Life Insurance Assignment as Funeral Payment 

For this payment option, you can submit a claim to use your loved one’s life insurance assignment to cover the funeral expenses. This way, you don’t have to take on a loan if you don’t want to. 

Below are a few benefits of life insurance assignments as funeral payment: 

  1. Using a life insurance assignment as funeral payment eliminates potentially uncomfortable conversations with your family about who is going to pay for the expenses. 
  2. Like the other options, you can keep your emergency savings for something else, as your savings should be a last resort if there are no other choices. 
  3. Instead of making payments over time with a loan, you can take care of the funeral expenses all at once. 

Click here to learn more about life insurance assignments as funeral payment. 


For more information, talk to your local funeral home to see what payment options they offer. 


What helped your family choose the right funeral payment option for you? Share your advice in the comments.

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