How Much Does a Funeral Cost?

No one likes to think about money during a difficult time, but the unfortunate reality is this: Even celebrating a life comes with a price tag. From renting a venue to burial, funerals come with costs that you may not necessarily be prepared for.

The average cost of a funeral can run into the thousands of dollars. Whether you have just lost a loved one or are preplanning a funeral, we’ll help you get a sense of some of the costs associated with a funeral so that you can prepare for what’s to come.

How much does a funeral cost?

The cost of a funeral can vary widely based on whether you choose to stick to the basics or make it more elaborate.

For an adult funeral with a viewing and cremation, the average is $6,280, with a cremation casket and urn costing an additional $1,500.

How to pay for a funeral

Paying for a funeral can be a big expense if you haven’t planned ahead. Here are some tips for preparing for the costs of a funeral.

Use life insurance to pay for a funeral

The last thing anyone wants when planning for a funeral is to be forced to scramble for funds. Some people may use a portion of a life insurance death benefit they received to cover funeral expenses. People also consider final expense insurance or burial insurance, which is life insurance used specifically to pay for funerals.

Earmark funds for a funeral

Another option is to set aside funds in a savings account so they are available when you need them. There are many options to save. A high-yield savings account may be good to start if you’re younger, as your money will have more time to grow thanks to compound interest. .

This strategy can work to save for your funeral or to save for a loved one’s funeral. However, you should make sure that accounts like this are correctly designated to the right beneficiaries in a will so you can avoid probate and ensure as much money as possible goes toward the intended purposes.

Prepaying for a funeral

A third option is to prepay for a funeral. If you go this route, read the contract carefully to see if there is a lenient refund policy. That way, should you move out of the state, the funeral home closes, or you simply change your mind about the service you want, you’ll be covered.

Compare prices

Many funeral homes don’t publish their prices online. But according to the Federal Trade Commission’s Funeral Rule, funeral homes are obligated to provide pricing when you ask, along with a written, itemized price list.

Your financial advisor can help

It’s easy to think ahead and save for fun goals like retirement, but thinking about milestones you’re not looking forward to may feel daunting. Your Northwestern Mutual financial advisor can help you build a comprehensive financial plan tailored specifically to you to help you prepare for all of life’s milestones—good and bad. With a good plan in place, you can rest assured that you’ll be able to cover all expenses when they come your way and still reach your goals in the meantime.