What Is the Cost of a Funeral in 2021?

funeral in 2021 with final expense insurance

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In the last 30 years, funeral costs have risen 227%. And as prices will likely continue to rise, planning for funeral expenses is important for anyone who wants to lessen the financial burden on their loved ones when the time comes. Whether you plan to be cremated or prefer a full funeral and burial service, there will be some cost associated with your passing.

Today, the average funeral costs $8,000 or more, depending on burial or cremation. Read on to learn how to keep these costs at a minimum with final expense insurance.

Planning for your funeral

Having discussions with your loved ones about your final wishes can be difficult, but this is a good time to ensure that everyone knows what you want for your funeral, finances, your home, or any items you may leave behind.

Having this conversation with your close friends and family, and especially anyone you have chosen as a beneficiary on a life insurance policy, will give you peace of mind for years to come. If you want to protect your loved ones from a financial burden, having a life insurance policy like final expense insurance can ensure that they won’t have to cover funeral or burial costs.

Today, an average funeral costs from $8,000 to $12,000, including these average components:

  • Ceremony and viewing ($1,000)
  • Casket (can cost an average of $2,300)
  • Service fees ($1,500)
  • Grave space and digging ($2,000)
  • Headstone ($2,000)
  • Embalming/preparation ($600)
  • Death certificates, obituary, related costs ($600)

Choosing cremation means that you won’t spend as much money on your final expenses, but you should also consider if you will leave behind any debt that your loved ones would have to pay off. Having insurance that can cover these costs is an essential part of any end-of-life plan.

Benefits of final expense insurance

Final expense insurance can cover more than a funeral – it provides a payout that can be used to cover medical bills, remaining debts, or other expenses you leave behind. Final expense insurance is a permanent life insurance policy that is designed to cover any expenses related to your passing.

Final expense is generally one of the more affordable types of life insurance. It also includes some unique benefits that make it a great option for individuals looking for comprehensive, reliable and straightforward coverage.

Benefits of final expense insurance:   

  • Choose the frequency of your premium payments (monthly or annual) 
  • Affordable prices and stable premiums throughout the life of your policy
  • Payout beyond age 100
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A person in good health in their late 50’s could pay as little as $20/month for their final expense policy.

Pricing varies based on the insurance company, so the best way to find a final expense policy that’s a good fit for you is to connect with a Quility insurance advisor who can walk you through the process and shop around to find a good rate.

Choosing beneficiaries

When you apply for a final expense insurance policy, you will need to choose a beneficiary (the person or people who will receive the money from your policy when you pass away).

Especially with final expense insurance, your beneficiary should be someone you trust to make important decisions about your funeral expenses and any debts you leave behind. Many individuals designate their spouse or partner as their primary beneficiary.

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Learn more about the basics of beneficiaries in our article.

Cover the cost of a funeral with final expense insurance

Final expense insurance guarantees that your loved ones are financially prepared for covering your end-of-life and funeral expenses and gives you lifetime peace of mind.

To find a policy that best fits your budget, our advisors shop at more than 80 insurance companies, so you can feel confident knowing you have the best fit policy at the best price.

Schedule a free consultation today to get a plan in place.

Let’s Get Started

Get a final expense insurance policy that fits your needs with support from our trusted advisors.

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Calie Brummer
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Calie Brummer is a staff writer and Head of Digital Communications at Quility Insurance with a focus on financial well-being and life insurance solutions.