Economic Facts About The Funeral Industry
The funeral industry is a significant part of the economy, providing goods and services to individuals and families facing the loss of a loved one. Here are a few economic facts about the funeral industry:
The funeral industry is a multi-billion dollar industry: In the United States alone, the funeral industry generates billions of dollars in revenue each year. This includes revenue from the sale of funeral goods, such as caskets and urns, as well as services, such as funeral home rentals and cremation.
Funeral costs can vary significantly: The cost of a funeral can vary significantly depending on a number of factors, including the location, type of service, and goods and services chosen. According to the National Funeral Directors Association, the median cost of a funeral with viewing and burial in the United States is $7,640, while the median cost of a funeral with cremation is $6,345.
Funeral costs are often not covered by insurance: Many health insurance plans do not cover funeral costs, which can be a significant financial burden for families facing the loss of a loved one. It is important to plan ahead and consider purchasing a life insurance policy or a funeral expense insurance policy to cover the cost of a funeral.
The funeral industry is subject to economic trends: Like other industries, the funeral industry is subject to economic trends. For example, the rise of cremation as a more affordable alternative to traditional burial has had a significant impact on the industry in recent years.
Overall, the funeral industry is a significant part of the economy, providing goods and services to individuals and families facing the loss of a loved one. It is important to understand the economic factors that can impact the cost of a funeral and to plan ahead to ensure that you are financially prepared for end-of-life expenses.