Decreased savings and life insurance…how do consumers pay for funeral expenses?

The Personal Saving Rate is at 6.5% (according to the Financial Reserve Bank of St. Louis).  Only 44% of households have an individual life insurance policy, and 30% have no individual or employer-provided life insurance, according to a survey by Life Insurance Market Research Association.

What challenges do these facts present to families that are faced with paying for funeral expenses of a deceased loved one with little savings and no life insurance?  What plans and options are in place at your funeral home to meet the financial needs of the families you are serving?

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