Tips for Paying for Cremation Services
Cremation services in Holland, MI usually do cost less than funeral services and other body disposition methods, but they can still be pretty expensive. If you don’t make plans now, you might leave your loved ones with a pretty big bill after you’re gone.
Planning for cremation payment isn’t as simple as leaving money in a savings account. When you pass away, the bank will freeze your accounts and assets for about a month, or sometimes longer. This means that your family won’t be able to access any money set aside in a bank account until long after the cremation is over. There are ways you can set aside money specifically for your cremation. Look into options like:
- Veterans Benefits – If you served in the military you may be eligible for veteran’s benefits, including burial, funeral or cremation at no cost. The Veterans Administration will pay a burial allowance to your loved ones to cover related expenses. Check the VA website to see if you’re eligible.
- 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 memorial service and cremation. These insurance payments are made almost directly after death so your loved ones can access the money 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.
- Borrowing – Banks also offer loans specifically for cremation expenses. However, as these loans are personal and unsecured, 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 cremation, be sure to only take out a loan you can easily payback.
- 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 your body to a medical school or other institution be sure to enroll in advance.
You’ll save your loved ones a lot of stress and money if you make arrangements now to pay for your cremation. If you have any more questions about paying for a cremation, or on Holland, MI cremation services in general, just reach out to Michigan Cremation & Funeral Care. Pay us a visit at 3627 Linden Ave SE Grand Rapids, MI 49548 United States or give us a call at (616) 452-3006 today.