Funeral costs can add financial burden for your loved ones, on top of the emotional stress they are facing, especially if they are not prepared to pay the expenses. When you establish a funeral plan that takes into the financial side of things, it can make the funeral arrangement process less stressful for them to handle.

There are plenty of considerations involved in your funeral plan, such as the type of casket, whether you choose to be buried, and your choice of urn if cremation is preferred. You will also need to give a thought about what to include in your funeral service, whether you are going for a traditional Christian memorial service, for example, or opt for a small gathering for a celebration of your life.

Creating a funeral plan in advance helps ensure your funeral reflects your personal wishes, so your loved ones wouldn’t feel the additional pressure of figuring out your funeral service. This is also a good opportunity to create a funeral budget and account for specific costs.

Basic funeral items

Shape your budget by considering individual funeral costs, starting from the basics. These include:

  • Burial fees at Choa Chu Kang Cemetery Complex: $315 to $940
  • Cremation fee (government): $100
  • Cremation fee (private crematoria): $300 to $500 (with urn storage option)
  • Columbarium niches (government): $500 to $900 (additional $250 selection fee for preferred allocation)

The costs of funeral packages and casket services vary widely, depending on your choice of funeral directors in Singapore. Most funeral packages for religions like Buddhist, Taoist and Christian comprise of 2 to 5 days, inclusive of services such as professional embalming, preparation of memorial ceremony, funeral decoration and funeral procession.

Your budget should consider the expectations for your funeral as well as what you can afford to spend reasonably. And if you are married, it would be good to create a separate budget for your spouse to prepare for the future if either one of you passes first, to alleviate the financial strain.

Paying for funeral expenses

Once you have set a budget and got into the specifics of your funeral plan, the next step is considering how you can pay for it.

  • Life insurance

In general, life insurances provide financial security for your loved ones, and the payout can help to cover funeral costs as well. The beneficiaries of your life insurance policies can utilise the money to offset the expenses of the funeral and provide for the welfare of your loved ones. There are also insurance saving plans that enable you to accumulate cash value in the policy, benefitting you with a return on your investment while securing the financial aspect of your funeral plan.

  • Set up a designated funeral savings account

Saving up is always a good practice, especially since funerals are a big financial responsibility – it can easily set you back thousands of dollars. Putting money aside lets you access a pool of cash for emergencies or big-ticket items, a category that funerals would fall under. You can also turn to regular bank savings accounts which allow you to earn a small interest and grow the sum until it is needed.