How To Pay For Cremation Services

By: Schilling Funeral Home & Cremation
Monday, July 22, 2019

It’s never easy to think about your death, but unfortunately, as everyone will die someday, its better to think about it and make plans now than to leave your loved ones with the stress and expense of planning. Cremation services in Rock Falls, IL can be very expensive, 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.  

However, saving for a cremation is 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 cremation until long after its over.  

The average cremation is not cheap, so you need to come up with a plan to pay for yours. There are a few ways to do this, like:  

  • 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 funeral 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.  
  • 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.  
  • Veterans Benefits - If you served in the military you may be eligible for veteran’s benefits, including burial, cremation or funeral at no cost. The Veterans Administration will pay a burial allowance to your loved ones to cover cremation expenses. Check the VA website to see if you’re eligible.  
  • 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 or cremation, be sure to only take out a loan you can easily pay back. 
  • 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 cremation 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 you body to a medical school or other institution be sure to enroll in advance.  

These are just a few of the many ways you can pay for your future Rock Falls, IL cremation services. To learn more, contact Schilling Funeral Home & Cremation by visiting 702 1st Ave Sterling, IL 61081, or calling (815) 626-1131. 

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