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?
- 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.
- 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.
For more information, continue reading about How to Go About Paying for a Funeral in installments at - https://www.devlinfuneralhome.com/blog/paying-for-a-funeral-in-installments/