Whenever a loved one passes away, we may become preoccupied with grief and mourning to the point of not being able to think of anything else. After things have settled down, however, we begin looking at the costs and at what's left of our savings account after a funeral.
Here is a breakdown of an average funeral in Singapore:
Along with the price of goods, fuel, and other necessities, funeral costs in Singapore increase annually. This is due to inflation; the estimated total cost indicated above will no doubt reach new heights come next year.
Most of the funeral expenses go towards the required processes such as acquiring the Certificate of Cause of Death (CCOD) and for various funeral services needed for holding a memorial wake and the consequent burial/cremation. Costs will also vary, however, depending on the religion you and your loved ones are practising:
Again, the given estimated range is expected to rise as the price of materials and services increases correspondingly.
One thing is for sure at the end of the day: whether you are a Buddhist, a Catholic, or belong to any other religion, funerals will always demand a considerable amount of money on top of the grief from losing a loved one.
But there is a way to avoid the skyrocketing prices: Pre-planning. It is a risk-free option that cuts funeral costs by circumventing the rising inflation. With pre-planning, you get to decide all the details of your afterlife arrangements before your inevitable death occurs, a move which saves you a lot of money in the long run.
How, you ask?
This next part is merely for illustration purposes and is only a sample calculation for you to understand better.
So let's say you are a 40-year-old looking to pre-plan now. The current life expectancy in Singapore for 2022 is 84 years old.
If we assume a humble 2% inflation rate per year, an SGD 17,000 funeral today will cost you exactly SGD 40,630 by the time you are 84 years old. You'll be saving around SGD 23,000 with pre-planning!
This money saved makes room for other necessary expenses you and your family might need such as hospitalisation bills, tuition, insurance payments, and more.
Moreover, pre-planning with Nirvana gets you access to world-class columbarium by paying on an instalment basis at 0% interest. It's possible for you to spread out your payments up to 48 months so as not to hurt your budget.
The option of paying over time instead of being forced to pay a huge lump sum when a death occurs will certainly lighten your family's financial worries. Let Nirvana help you along that journey.
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