Loan Application Tips

Getting Last Minute Funding For A Funeral

by Milton Horton

It's an unfortunate truth that funerals can often be unexpected. Even if you know you're going to need to plan a funeral soon, you may be blindsided by some of the expenses. Luckily, you're not alone. There are many ways you can acquire funding quickly.

Looking for Life Insurance Payments

Not all sources of life insurance will be immediately obvious. Go through your loved one's old paperwork, consult with any family attorneys, and contact their place of work. All of these places may have some information on life insurance. There are small life insurance policies that are specifically designed to cover an individual's final expenses. While these may only be for a few thousand dollars, every little bit can help.

Of course, life insurance payments will go to a listed beneficiary. They do not follow the laws of inheritance. Consequently, there may be life insurance policies that cannot help you when it comes to expenses. 

Creating a Payment Plan With the Funeral Home

Many funeral homes are willing to make arrangements with you in the event that you cannot pay for the funeral upfront. However, that does mean that you will usually end up paying more long term, because you are going to be paying interest and loan origination fees. Speaking with a funeral home about your options will give you a better idea of your budget and should be done as soon as possible. The costs of a funeral can be quite surprising to those who haven't planned a funeral before.

Getting Online Funeral Donations

There are online funeral donation services that let you collect money specifically for the purposes of a funeral. This is often the best way to raise funds from friends and family members, as they can rest assured that the money will go towards the funeral. Further, it makes it easy to collect money from multiple individuals and to track progress as you fundraise. Otherwise you may find yourself taking in large amounts of cash donations instead, which can come under the scrutiny of the IRS when deposited. 

Online donations for funerals also have the advantage of being shareable through the internet, which can increase exposure and make it more likely that you'll meet the needed goals. 

With a funeral, you need to act fast. Online funeral donation services should be your first stop, as you need to know exactly what your budget will be in order to make arrangements. By turning to friends and family, you can get the funding you need and reduce your own stress.