It’s never easy to think about your death, but unfortunately you have to. Cremations in Denver, CO do cost money, and if you don’t do some planning right now, you’re going to leave your family and loved ones with a very big bill when you die.
It’s not as simple as just putting money aside in a savings account. When someone dies, his or her money is usually frozen for at least a month. So, your family can’t access any money you had in an account for your funeral until long after the funeral is over. You need to come up with a plan to pay for your cremation. There are a few ways to do this, like:
- Payable-on-Death Account – Payable-on-death accounts, or PODs, allow you to set money aside specifically for cremation and other death-related expenses. Your beneficiaries simply have to present a death certificate to the bank in order to obtain the money. They will not have access to the money until after your death.
- Insurance – Most life insurance policies will pay out a lump sum of money to a beneficiary when you die. This lump sum can go a long way towards paying for your cremation or memorial service. These insurance payments are made almost directly after death so your loved ones can pay for the cremation right away. There are also special insurance policies for death related costs like burials, funerals, cremations and more.
- Veterans Benefits – If you served in the military you may be eligible for veterans’ benefits, including cremation or funeral at no cost. The Veterans Administration will pay a burial allowance to your loved ones to cover funeral expenses. Check the VA website to see if you’re eligible.
- Low-Cost Options – If you don’t have money to set aside right now, and feel like you won’t later on either, you can plan for low-cost funeral options. From direct cremations and at-home funerals to green burials, or even donating your body to science, there are definitely low-cost options out there. If you do plan to donate your body to a medical school or other institution be sure to enroll in advance.
- Borrowing – Banks also offer loans specifically for cremation expenses. However, as these loans are personal and unsecure, they can get expensive. Interests range usually from 16 to 35 percent on these kinds of loans. Since the FCA recommends that you do not go into debt for a funeral, be sure to only take out a loan you can easily pay back.
These are just a few ways you can put aside money for your cremation. If you want to learn more about your cremation payment options, or want more information on Denver, CO cremations in general, CremateSimply® is here to help. Please stop by and visit us or give us a call today to learn more about what we can do for you in your time of loss or of preplanning.