How To Save Up For Or Finance Your Funeral

Money on a bank account

You can, if you wish, leave money on a specific account, which can either be a current account or a savings account.

If you show the relationship that binds you to the deceased, and subject to other conditions, the bank pays the funeral fund the amount of the funeral. This sum, which can be unlocked very quickly, is, however, subject to a ceiling.

Subscribe to a life insurance policy

It is always possible to dedicate the amount of your life insurance policy to the financing of your funeral. There are some life insurance policies, known as whole life policies, the specific purpose of which is to ensure the financing of funerals.

By getting yourself such a policy, you have the assurance that upon your death, the beneficiary of the insurance contract will receive a specified capital. This sum, which will depend on the nature of the premiums paid, will be sent to the beneficiary, regardless of the date of death of the policyholder.

Choose a funeral insurance

A funeral insurance contract is another solution for early financing of your funeral.

You can subscribe a capital contract. On the death of the subscriber, a fixed sum is then paid to the beneficiary of the contract. The contract must state that this money must be used to fund the funeral. Only amounts exceeding the funeral expenses can be freely used by the beneficiary of the contract.

You can also choose the service contract. It provides not only the funeral funding, but also the details of organizing it. This includes the choice of the funeral operator, the coffin, the method of burial or the type of funeral ceremony. The funeral operator, the beneficiary of the contract, undertakes to respect scrupulously the provisions of the contract.

Other financing solutions

If the deceased was active or unemployed at the time of his death, the primary health insurance fund can pay to relatives, under certain conditions, a death benefit for funeral financing. It should be noted that this capital is capped.

In addition, the pension funds may, in certain cases, pay the relatives of the deceased an amount to cover part of the funeral expenses. In addition, the sums due on the pension of the month in which the retiree died may be claimed by the persons having paid funeral expenses. Indeed, this pension is due. Similarly, many mutual funds provide, under varying conditions, the payment to the designated beneficiaries of a capital or a specific service, intended to finance all or part of the funeral.

Finally, it is always possible for the heirs to claim the deduction of funeral expenses from the estate. In this case, however, the deductible amount cannot exceed an amount that will only cover part of the funeral expenses.