Sooner or later we are all going to die. While some people fear death, others simply accept it as a normal consequence of life. But even those people that have come to terms with their eventual death still worry about supporting surviving family members after they’re gone. This is especially true for men who see themselves as the breadwinners and supporters of their family.
So it's not too surprising that one of the chief concerns most men have about death has to do with supporting their wife and children when they’re gone. While this is an obvious concern to younger men with small children at home, it's an equally important concern to elderly man fearful of leaving an elderly wife to fend for herself. This can be especially troubling for families in which the wife has not played a significant role in the family’s financial affairs.
On average, women tend to outlive men by 5 years. Unfortunately, since most deaths occur during retirement, widows are no longer generating an active income. So it’s perfectly normal for men to worry about providing financial support to a surviving spouse. While there isn't a lot that can be done to guarantee investment returns or pension benefits, there is still one financial item that, with proper control, can allow you to leave your wife and children and extra $5,000.
You don’t need to be a financial expert to take advantage of this opportunity. All you need to do is apply a couple simple strategies. This advice works. I should know….this is a reality that I live with every day. My name is Michael Testa and I am a funeral accountant. Basically, I am a certified public accountant that specializes in helping families save money when making funeral arrangements. My advice often saves families several thousand dollars that would otherwise be spent in just a few short hours at the funeral home. These funds can now be saved and left to support surviving spouses and children.
Here are a few tips and strategies you can use to save money when you have to make funeral arrangements. By planning ahead for yourself or making your wife and children aware of these money-saving tips, you can substantially reduce the amount of money that will have to be paid out at your death. And you won’t have to compromise on your final wishes.
Tip #1 Evaluate the prices and options available from at least three different funeral homes in your area. Different funeral homes offers different goods and services and prices vary greatly from one funeral home to the next. It's common for one funeral home to be twice as expensive as another funeral home right down the street. By taking the time to review the options and prices available in your area, you can ensure you plan a meaningful, yet affordable, funeral service.
Tip #2 Determine what it is you really want to accomplish by holding a funeral service. If the goal is simply to care for and bury the decedent, choosing a less expensive option, such as direct cremation, can save you quite a bit of money. Even if you want to use the funeral as a mechanism to generate support for your surviving spouse, you can supplement a less expensive funeral option by holding a separate memorial service or gathering at a family residence or favorite social club.
Tip #3 Consider saving a separate cash account that can be used to pay for your funeral arrangements. With the typical funeral now costing in the neighborhood of $7,000 to $10,000, many people are forced to borrow money or use personal credit cards to pay for the funeral services. However, access to a ready pool of cash allows you to negotiate a discount at the funeral home (an immediate cash payment is a big motivator in the funeral business – mainly because it’s a rare occurrence). In addition, if you know you only have a certain amount of money to spend, you are less likely to go over budget when making your arrangements. All too often families that assign life insurance policies end up spending considerably more than they wanted (or needed) - simply because there was a pool of life insurance available). Remember: the more life insurance proceeds that can be saved, the more support you can leave your dependents.
By applying these few basic tips you can realistically save $5,000 the next time you need to make funeral arrangements. If you are a father, husband, or are responsible for the support of another, this means that you will be able to save money that can be used to support your wife and/or children.
There are lots more things you can do to save money when making funeral arrangements. This article just touched on a few of the more obvious strategies. You can get more money-saving funeral tips at .
