Money expert Clark Howard is no fan of burial insurance. As we mentioned earlier, he says the idea of an insurance policy to pay for an expensive funeral or cremation is looking at the problem backward.
Instead, Clark recommends joining a nonprofit memorial society: It usually costs a nominal fee: $25 or $35 for life. Membership gives you access to reduced pricing on final arrangements. The Funeral Consumers Alliance at Funerals.org can help connect you with a local chapter.
“If you have a non-profit memorial society near you, you know you’re going to be able to do a cremation for hundreds of dollars and typically a burial for a couple thousand, so to insure for that makes no sense,” Clark says.
But even if you don’t have time to plan arrangements through a nonprofit memorial society, you or a loved one can use a site like Funeralocity.com to comparison shop.
You can get the pricing right on the site, access to exclusive Funeralocity pricing discounts, read Google reviews of providers and more.
“The idea is instead of feeling like you’re a sitting duck and you have to pay whatever the funeral home tells you, what you do is make the end-of-life arrangements much more affordable, and then you haven’t created this burden you’re trying to insure,” Clark notes.