The loss of a loved one is an emotionally and financially difficult time. It can be hard to think about the financial aspects, especially when you’re dealing with the emotional side of things. But it’s important to know what you are dealing with so that you can be prepared, both emotionally and financially. In this blog post, we tackle funeral cost breakdown 2022.
The Average Cost of a Funeral in Canada
Whether you’re planning a funeral for a friend, family member, or yourself, knowing what the average cost of a funeral in Canada is can help you make wise decisions. The cost of a funeral can range from $500 to over $10,000, depending on a number of factors.
One of the first things to consider when estimating the cost of a funeral is the type of casket you’ll be using. This can be an expensive part of the process, as caskets can vary in price from less than a thousand dollars to tens of thousands of dollars.
Other costs you’ll have to consider include embalming and transporting the body to a cemetery. You may also have to pay for a burial plot, which is the final resting place of the deceased. A gravesite appreciates in value over time and will add to your total cost.
What is the Breakdown of Funeral Costs?
During a time of deep loss, families often find it difficult to afford funeral expenses, if such was not planned for in advance. While funeral costs can range from a few hundred dollars to tens of thousands of dollars, you can help lower the cost of a funeral by shopping around.
Funeral costs are usually based on the type of service. Typical costs include embalming, casket, transportation, and viewing. Purchasing a final expense life insurance policy can also help cover funeral costs.
Funerals are deeply personal, so it’s important to think about how you’d like your loved one’s funeral to be. Typically, funerals are conducted at a place of worship, but you can choose to have a funeral at home or in a cemetery.
Some families opt for a direct cremation in an urn. This type of funeral is very affordable and is a good option if you’re on a budget. You can also save a lot of money by purchasing your funeral supplies outside of the funeral home.
You can even save money by choosing a pre-owned burial plot. Depending on the size of the plot, it can cost anywhere from $350 to $5,000.
Funeral Home Services
Whether you’re planning a funeral, memorial service, or cremation, price shopping can help you save money and make sure you get what you want. You can also compare prices between funeral homes in your area to find the best deal.
Costs can vary from town to town, and even from state to state. However, there are a few general cost breakdowns you can use to figure out what you’re spending and what you can afford.
Basic funeral home services include transportation of the body to the cemetery, dressing of the deceased, cremation, and other preparations. Additional costs can range from $300 to $11,000.
Caskets are the most expensive part of a funeral. Most caskets are made of wood or metal. The materials and design of the casket determine the price. Depending on the design, style, and size, a casket can range from $200 to $10,000.
Flowers
Buying flowers for a funeral can be an expensive proposition. This is especially true if you live in a metropolitan area. Luckily, there are options. If you’re looking to keep your costs down, you may want to check with your local florist for discounts. They’re likely to know which flowers are best suited for your particular needs.
The best part is that funeral flowers are not restricted to the home. Many funeral homes offer flower packages as a value-added service. This is a great way to save money without having to sacrifice the aesthetics of a well-chosen arrangement.
Casket
Caskets are another big expense. A casket of the usual variety can run you several thousand dollars, while a bespoke design can cost several hundred dollars. Fortunately, the average casket is made from less costly wood.
A casket is one of the most expensive components of a funeral service and can range from $200 to upwards of $10,000. Wood caskets are generally the most affordable option, with prices depending on the type of wood used and the size of the casket. A wide variety of woods are available, including oak, mahogany, and cherry. Metal caskets are also an option, with prices depending on the type of metal used.
There are also environmentally friendly caskets, such as those made from bamboo or wicker. These options tend to be more expensive than traditional wood or metal caskets.
But even if you choose the least expensive casket, it can still add up to a lot of money.
You can also opt for a rental casket. This is an option where you rent a casket and use it during the funeral service. The body will be immediately transferred to another container after the service. This option is often used in cases where a family cannot afford to buy a casket.
Viewing or Visitation
Viewing or visitation is an important part of a funeral, as it provides an opportunity for family and friends to pay their respects to the deceased. It also allows people to connect with each other in a time of mourning and share memories about the person who has passed away. The cost for viewings or visitations can vary depending on the type of service and the funeral home’s fees.
The cost of viewing or visitation can vary depending on the type of service and the funeral home’s fees. For an intimate event, such as a wake or visitation, the fee might range from $50 to $300. On the other hand, if there are more people attending and a larger venue is needed, costs can increase to $500 or more.
Burial Plot or Columbarium
Choosing a burial plot or columbarium is a tough choice to make, but a little planning can go a long way. While the cost of a cemetery will vary depending on your locale, the average cost of a plot can be anywhere from $350 to $5,000. Some cemeteries require a vault, which is a good idea to keep the departed from sinking into the earth.
Grave Marker
A grave marker is an important part of traditional burial services and can be a significant added cost. Grave markers come in a variety of materials, ranging from simple metal plaques to elaborate stones carved with the individual’s name and dates of birth and death. The cost of a grave marker can vary greatly depending on the type and size of the stone and the engraving services chosen. A simple metal plaque can cost as little as $50, while a larger stone with elaborate engraving can run up to several thousand dollars.
These costs may seem overwhelming, but there are ways to help make funeral planning more affordable. With careful planning and thoughtful selections, you can ensure that your loved one’s funeral service is meaningful and memorable, even with a limited budget.
How to Be Financially Prepared for the Passing of a Loved One
Making sure that you have enough funds set aside to cover final expenses is key when it comes to being prepared for the loss of a loved one. Depending on your financial situation, there are several preplanning options available including insurance policies (such as pre-need plans or life insurance) or savings accounts specifically designated for funeral expenses.
If you’re researching for yourself or a loved one for a future need, it’s important to plan ahead before the funds are needed as funeral and burial costs tend to be more when you have to purchase them at the time of need. Buying a life insurance policy for final expense purposes is often the most inexpensive way to pay for funeral and burial costs. The benefit is immediate once you get approved and the first contribution is paid, and you can usually get a higher benefit amount compared to the money that you’re going to put into the policy.
Funeral and burial plans are also viable options but if something were to happen before these plans are fully paid for, you or your loved ones usually have to pay the remaining balance that is due.
Final thoughts
The death of a loved one is a difficult time, and preparing for the associated costs can be overwhelming. But with a little research and planning, you can make sure that your loved one’s final expenses are taken care of without having to worry about the financial burden. It’s always wise to plan ahead for funeral costs and be financially prepared for the passing of a loved one so that you don’t have to face any hardship in your time of grief.
Having a clear understanding of funeral costs will give you the confidence to make the right choices for you and your loved ones. Aside from the traditional services and burial fees, you will also have to account for miscellaneous costs. This could include guest lists, obituaries, and notes of obituaries, among others.
The biggest problem with funeral costs is that they can often be a burden for both the deceased and their survivors. Many families are overspending on their final tributes.
The best way to find out what your budget can handle is to take a look at the local funeral service providers, and cemeteries in your area.
If you’re considering implementing a life insurance policy for final expense purposes, please book an appointment with us and we’ll help you explore the best options that meet your needs.
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