Smart Ways To Cover The Costs Of Your Own Funeral In Advance

3 Mins read

No one want to think about it but we will all die, sooner or later. And someone is going to pay for our final expenses. So why not to plan for funeral costs in advance like many other things?

Costs of traditional funeral and other final expenses are getting higher in the US day by day. This is the reason; one should also plan for it just like other major personal expenses. There are several ways to setting aside money to cover your funeral costs in advance and here we will discuss some of them.


Life insurance policy pays a particular sum of money to a beneficiary when you die. The money obtained can be used for different reasons and covering final costs are one of them. Some insurance providers also offer funeral insurance plans to help people cover the costs of funeral. Such insurance policies are intended to cover a predetermined sum of money for a funeral. It provides financial support to the family of the deceased person so they can manage final expenses easily without facing troubles. 


POD or payable on death account is a bank account used to set aside some money for funeral expenses. You can nominate someone as your beneficiary who can claim those funds when you pass away. The beneficiary will need to show death certificate in order to get that money from bank. A POD account is sometime confused with joint account. But the person named as beneficiary is unable to get the money until your death. However, the account holder can deposit or withdraw money from the account any time. It is one of the best and smart ways to cover the costs of your own funeral. Hence, you should choose a beneficiary you can trust so the money can be used on funeral not on other useless things. 

Savings Account

Just like saving money for other things, you can also create a savings account to cover your final costs. But the death certificate will be required to get the money. It can take a couple of days to complete the process. But you can set up a joint account with a person who will be responsible for your last rites. You need to give him/her the right of survivorship to help get money faster. Your death will make him/her the sole account owner to make it easier for him to withdraw money and spend on burial costs. Keep in mind that someone who has survivorship rights, can get your money from the savings account when you are alive. That’s why, always try to nominate someone you can trust. 

Prepaid Funerals

There are so many funeral homes in US and across the globe that sell prepaid funeral plans. You can buy a plan in your life so they can cover your final costs when you die. However, paying in advance to funeral homes come with cons. You can lose your money if you want to terminate the plan or if you die in another state or country. This is where buying a prepaid funeral plan with transportation of body in case you die somewhere else. It is also said by experts that almost 90% funeral homes are not a part of larger and reliable network and they can take your money away for nothing. That’s why, do proper research and understand all the terms and conditions before you give money to a funeral home for your funeral coverage. 

Funeral Fund Account

One can prepare to cover funeral costs by creating a funeral fund account. If there is something trustworthy in your family who will never get the money until its needed, it would be the best and easier approach to cover your final costs in advance. 


Planning for covering your funeral costs in advance is a good idea to prevent your family from expensive funeral costs. However, you should conduct proper research to determine a right preplanning approach to make sure your money will be in safe hand.