As a leading advocate for Americans 50 and older, the American Association of Retired People (AARP) provides extensive guidance on funeral planning, emphasizing a proactive, consumer-savvy approach. Their advice on prepaid plans helps seniors avoid overpaying for funerals or getting caught up in shady funeral home scams.
An International Communications Research survey cited by AARP showed that roughly one-third of respondents age 55 - 64 (32%) have prepaid funeral or burial expenses. That number bumps up to 51% for seniors 65 and over.1 AARP readers and members already sense the value of planning your funeral and making sure it's paid for.
That's why one 52 year-old Jacksonville, Florida AARP member proclaimed, “I’ll tell you, it's one of the smartest financial moves I’ve made.” According to an April 2025 AARP article "10 Ways to Save on Funeral Costs", his motivation was having witnessed families struggle to pull together the funds and coordinate the funeral planning logistics when a loved one died.
“I did it to spare my family stress and financial pain,” he said. “Now they know exactly what to do, and they won’t have to take out a loan or max out a credit card just to say goodbye.” Leaving your family to plan and pay for your funeral after your passing can be emotionally and financially overwhelming.2
Why Not Start Your Free Funeral Plan Now?
You can start your FREE funeral plan from the comfort of your own home with Legacy of Love's funeral planning service. If you have questions or need to "phone-a-friend", we have expert counselors nationwide that can collaborate as much or as little as you wish as you develop your plan and identify estimated costs.
Unsure of how to get started? Then review and download our free Funeral Planning Checklist.
AARP immediately squashes the erroneous thinking that you'll just set aside money in your will to pay for your funeral. Your survivors won’t be able to get that money until your estate works its way through probate, which takes from a few months to a year. Since most funeral homes want full payment upfront, your survivors will have to front the costs out of pocket.
In an October 2021 article "Smart Ways to Cover the Costs of a Funeral"3, AARP identified some of the following methods to pay for your funeral:
What If a Savings Account Isn't Possible? If you didn't start a savings plan at an early age to allow for sufficient compounding, or can't put enough away now to accumulate adequate funds, then a funeral plan with an affordable pre-need insurance policy, or a burial insurance policy can help you avoid burdening family after you pass.
“You can lose money if you change your mind before you die, or you end up dying in another state from where you paid for the funeral,” says Slocum.
Don't Prepay a Funeral Home, Pre-Fund Your Funeral Plan
This is where Legacy of Love can offer the best of both worlds. You develop you free funeral plan after comparison shopping packages and services from your local funeral homes. Once the estimated plan cost is identified, you have the option to pre-fund that funeral plan with a pre-need or burial insurance policy. In either case, you name a spouse or family member as the beneficiary, which keeps the policy portable and flexible in case the disadvantages cited by FCA's Slocum emerge.
What If a Life Insurance Policy Isn't Possible? But, what if you don't have a term life insurance policy in place, or stopped paying for one after you retired? If age or pre-existing health conditions prevent considering another term life insurance policy, then burial insurance and pre-need insurance become viable options in your funeral funding plan.
Pre-need insurance is typically associated with a funeral plan where you've identified services and costs from your local funeral home. The pre-need policy benefit amount closely matches the estimated costs, although it may leave off some fees that can only be calculated upon need. Pre-need insurance policies do not usually require a full medical exam, just a few questions. Policy approvals are typically quick and may even be same-day. The pre-need policy usually adjusts for inflation and policy benefits are typically paid within a few business days.
“The best part is that you don't have to wait for official documents, which can take weeks,” says Renee Fry, of Quincy, Massachusetts, who heads a company that provides digital solutions for estate planning. In an AARP article from April 2025, Fry explained that, “The funeral director was able to let [the insurance company] know to pay our dad's policy ASAP.”2
Unlike a pre-need insurance plan sold by a funeral home as their method of paying for your funeral, a Legacy of Love pre-need policy does not name the funeral home as the beneficiary. This gives your plan portability if you need to move prior to passing away. And if the funeral home you selected in your funeral plan goes out of business, or you decide to change funeral providers, your benefit is preserved since your beneficiary is usually a spouse or family relation.
Burial insurance is another simplified life insurance plan with relaxed underwriting requirements since policy amounts never exceed $50,000. Burial insurance policies differ from pre-need in that the benefit amount is usually a little higher and the policy proceeds can be used by the beneficiary to pay for items beyond your funeral expenses such as: medical expenses, your debt, or any other purpose.
The personal stories of AARP members and the expertise of funeral industry experts all point to one thing: Planning your funeral is a smart financial move that reduces stress on families during an emotional time. AARP members and industry experts also cite advantages to finding a way to pay for your funeral instead of forcing family members to figure it out during a stressful time. There are multiple ways to pay for your funeral such as: savings accounts, prepaid funeral home plans, and insurance. All sources warn about the disadvantages of prepaid funeral home plans. Legacy of Love offers affordable, safer alternatives to pre-fund your funeral plan helping you avoid the various pitfalls cited by the experts.
Funeral industry experts and AARP members cite the advantages of funeral planning and properly funding your funeral. You can follow their lead by CLICKING HERE to start your free funeral plan now, or call Legacy of Love at 833-888-0355 or fill out our online form and we'll respond right away.
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