As we remember our departed this All Souls Day, let us try to explore the grim truth that even in death, you will still incur expenses. How much money do you need to die peacefully?
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Parting is a natural occurrence in life. No matter how you deny it, all things will come to an end. It is inevitable.
Given this fact, might as well be prepared for it. This is to save the trouble of your loved ones dealing with finances on top of their grieving.
This is, in a way, your final gift to them. To let them grieve over your loss without worrying, at least financially.
How Much Does It Cost to Die?
My father-in-law died just last month, and my wife and I processed the paperwork. One such document is the Affidavit of Funeral Expenses. This document is one of the requirements for claiming the SSS Burial Assistance.
Below are the items that you need to fill up:
- Materials for coffin/cremation
- Interment/transportation services
- Food & other miscellaneous expenses during the wake
- Others
For item # 1, a memorial plan contract, which cost 34,000.
For Item # 2, clocked at 15,000.
For Item # 3, around 30,000.
For Item # 4, private burial lot 75,000.
You can opt to get the public lot, but you need to pay a renewal fee every 5 years. Failing to renew means the buried needs to vacate the lot.
The total expenses based on the above figures are 154,000.
The amount is conservative, as it can easily reach double if not for the memorial plan.
With God's help through people around the family, we were able to get past that difficult hurdle emotionally and financially.
Closing Thoughts
As they say, death is fair to all. The same can be said for the expenses accompanying the event.
Might as well be prepared.
Get a memorial plan and reserve your burial lot.
What you should do today
Read Next Article: The Haunting of Debt: What Happens to Your Debt When You Die?
Aside from above expenses, hospitalization is one of the bills that you need to be wary of also.
Read this Article: The Importance of Having a Separate Hospital Expense Fund
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