Paying for a Funeral in Installments

Planning a funeral for a loved one with fondness and dignity is essential for an end-of-life ceremony.

With the current inflation levels, however, funerals have become an extremely costly investment.

It’s only natural then that you ponder the question “can I pay for a funeral in installments?” Thankfully, many funeral homes in the USA allow paying for a funeral in installments. Not only does paying for a funeral in installments ease your financial burden but it also allows you to properly budget the funeral plan.

Opting for a convenient and affordable installment plan that offers monthly installments is usually low in cost and allows you to spread the cost of the funeral over a fixed period without any increments, even in the event of inflation.

How can installment plans ease your financial burden?

If you’re looking for a suitable installment plan for funding a prepaid funeral or that of your loved one, pursuing an installment plan might be the most beneficial option for you.

Monthly installment plans are often used when making payments for a funeral ceremony. Small amounts are charged monthly depending on your choice of funeral home.

Most funeral plan providers offer the option of paying a fixed, affordable amount every month to cover the entire cost of the funeral. Monthly payment options range from a payment period of 1 to 20 years.

Direct debit payments for up to 25 years might also be allowed by some funeral service providers, however, this option is offered depending on your age, as the full payment must be paid by the time you’re 80.

The cost of an installment plan will usually follow a structure based on:

  • The funeral service provider
  • The levels of service required
  • The number of years; the payment is to be spread
  • Whether or not there’s a deposit to pay

You can then proceed to choose the best-fitting installment plan to suit your financial needs.

What are the types of installment plans?

1. Trust-based monthly installment plan

A monthly installment plan allows you to spread payments for the services you’ve chosen over a specific number of months depending on your age and affordability. Installment plans that go over 12 months might incur an additional fee.

2. Life insurance-based monthly installment plan

This method of payment refers to your money being held in a life insurance policy, which means your payments are based on your age. Premiums are payable for life or until you’re 90, so you might pay more for this than the funeral service.

3. Direct cremation plan

This is a low-cost funeral planning option that offers a cremation minus the funeral service and allows for a quick and affordable payment plan for less than half the price of a traditional funeral plan.

4. Over-50 life insurance

This payment method, also known as funeral insurance, is another low-cost payment plan that requires you to pay a small amount every month, which can then be claimed by beneficiaries to cover all funeral costs.

What are the payment structures for installment-based payments?

Installment plans might cost you more as they include a payment fee. The initial price stated on your funeral plan, however, stays the same throughout—even in the event of inflation.

It’s important to note that if there are any changes in the funeral costs and the amount you pay in installment fees every year, it may impact the installment payment plan.

What should you keep in mind before opting for an installment plan?

Before you commit to settling funeral payments via an installment plan, there are a few aspects that you should keep in mind:

  • You or your beneficiaries can receive the full benefit of the chosen funeral plan only if the premium is paid
  • You’ll be able to pay over a lifetime, but it may not cover certain areas, so carefully read the fine print in any plan

Find out if the funeral home of your choice allows paying for a funeral in installments

Whether you have your heart set on a specific funeral home or if you’re looking for one, always find out whether they offer the option of paying for a funeral in installments, especially if you’re facing any financial constraints.

Funding an end-of-life ceremony for a loved one or a preplanned funeral plan is an investment, so make sure you’re able to cover its costs easily while giving you and your family peace of mind.

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