Dying is expensive and, as you might expect, where you live can dictate just how expensive.
On average, the cost of a casket ranges from $7,000 to $9,000 and the cost of cremation ranges from $6,000 to $7,000, according to the National Funeral Directors Association.
A term life policy is one somewhat inexpensive way to finance death, at least as long as the term extends. If you buy such a policy while young, the cost can be very low, but the policy term might not last until death.
Funeral insurance is another way. These policies typically build cash value over time. All benefits are paid to beneficiaries, who can shop funeral services to find the best prices. These policies can also be used anywhere in the world.
Prepaid funeral plans also provide the peace of mind that the details of a funeral are established and costs paid. You can pick the ceremony, the plot, and the services. The plans usually lock in a price so that, even if prices go up, your cost remains the same. However, most of these plans don't transfer to another funeral home, nor do they provide any benefits to family.
What happens if you die without family or money? It varies depending on state. In some cases, indigent cases can be cremated others require the signature of a family member. Unclaimed bodies often remain in state morgues for weeks.