Next to taxes, the next thing very certain is death. It’s good that more and more Filipinos are thinking ahead and preparing early for their death so that they won’t have to burden their loved ones with the related expenses to it. The thing with death is that you can’t predict it and the financial situation of your family members might not be good when your time comes. Here are some costs to save up for so that your family won’t have to be burdened with them when your time comes. Your practicality will lessen the stress, particularly the financial stress that arises from big expenses relating to the death of a loved one.
A simple arrangement starts already around P15,000. The more intricate the arrangement, this service can reach to hundreds of thousands of pesos. A basic wood casket would be around P8,000 and the more elaborate caskets could cost your family tens of thousands of pesos depending on the materials used for it.
The services under there will include prayer services, transportation, and security assistance and burial expenses can range between P5,000 and up. Alternatively, if you choose to cremate, this service would range between P10,000 and P20,000. A simple urn will cost you P2,500 while porcelain ones could go up to P50,000.
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This is possibly the most costly of the expenses related to death. Depending on the lot size and the location of the cemetery, you can easily shell out hundreds of thousands of pesos for this depending on the type of memorial lot. If you want to be buried in style, i.e., using a mausoleum, you can easily cough up a million for this. The good thing with memorial lots is that it can be paid in installments so you can easily pay while at the peak of your career.
Public cemeteries tend to be full and disorganized so it’s best to invest early in a memorial lot to keep your memories going for your loved ones. An alternative to memorial lots are crypts and is a much more affordable option starting at P25,000.
Of course, you’d like to feed your visitors to your funerals so depending on the size of your clan and network, this can easily reach to tens of thousands of pesos especially if you choose to get catering services. Also, getting flowers to brighten up the funeral can also set you back a few thousands of pesos.
Finally, your family will need to get documents from your doctor in order for them to get your death certificate. This can reach probably to a thousand pesos in total.
Yes, it might be a little morbid to start thinking about death at a young age, but at the end of the day, it’s really about your loved ones. You want your final act to be peaceful and to lessen the burden on them, especially financially. You can expect to spend P100,000 and more for your funeral and burial needs.
You want to avoid them taking care of your funeral and burial needs when you can plan it out early in line with your preferences and budget. It also makes sense to invest early in life insurance so that you’ll leave them with a big amount of money that they can use as they adjust to your departure from this world.
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