The Meaningful Funeral - Issue 3 | Winter 2018

THE MEANINGFUL

FUNER AL A N E X C L U S I V E P U B L I C A T I O N by F R A Z E R C O N S U L T A N T S

Issue 3 | Winter 2018 TRIBUTE INSURANCE ASSIGNMENTS A SMARTER FUNERAL FINANCING PLAN SMALL BUSINESS TRENDS ARE ON THE RISE

Letter from the Editor Dear readers, Welcome to the Meaningful Funeral magazine. Our goal with this magazine and its articles is to help your funeral home learn new skills, gain new clients, and serve your current client families in more meaningful ways.

Our mission at Frazer Consultants is to help funeral homes reimagine the funeral experience for their families, and this magazine is one more way for us to do that.

This issue is all about payment options for families, and how your funeral home can navigate them. From financing to life insurance assignments, having a variety of payment options and being able to effectively market them to your community and the families you serve can make a huge difference for your bottom line. It also can make a huge difference for the families you serve, who often have a variety of financial situations that make paying for the perfect funeral a great burden.

I hope that you enjoy reading the content and learning more about the payment options out there, and I look forward to hearing your feedback as we continue to improve our magazine. If you have any suggestions for future magazine content, we would love to hear them — just email us at marketing@frazerconsultants.com.

And if you really love our content, visit frazerconsultants.com/meaningful and sign up for our newsletter to have fresh content and funeral news delivered to your inbox every week!

M AT T F R A Z E R P R E S I D E N T, F R A Z E R C O N S U LTA N T S

Table of Contents

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COMING SOON: TRIBUTE INSURANCE ASSIGNMENTS

A LT E R N AT I V E PAY M E N T O P T I O N S C A N H E L P FA M I L I E S W I T H T H E U N E X P E C T E D

By offering multiple payment methods, families can give their loved ones the funeral they deserve.

As a funeral director, you know that death can never truly be planned. For many, it comes unexpectedly.

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MEET THE TRIBUTE INSURANCE ASSIGNMENTS TEAM

Frazer Consultants’ team of insurance assignment experts have more than 63 years of combined experience.

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S TAT I S T I C S S H O W W H Y FA M I L I E S N E E D FUNERAL FINANCING OPTIONS

Some recent surveys show why families need a funeral financing program now more than ever.

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The Complete Guide to Funeral Payment Options Unfortunately, passion alone doesn’t pay the bills. But there are ways to make things easier for both your funeral home and the families you so dutifully serve.

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W H Y FA M I L I E S C O N S I D E R A LT E R N AT I V E F U N E R A L PAY M E N T O P T I O N S

For many, funeral planning is not a priority. This means many families haven’t considered the costs involved.

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H O W T O TA L K T O FA M I L I E S A B O U T F U N E R A L PAY M E N T S

Many families can benefit from alternative payment methods. But it can still be a difficult conversation to have.

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G RO W YO U R B U S I N E S S B Y O F F E R I N G M U LT I P L E WAY S T O PAY

W H Y P R O V I D I N G M U LT I P L E PAY M E N T OPTIONS IS GOOD BUSINESS

People like options. When it comes to choosing how they pay, that’s no different.

There’s a glimmer of hope on the horizon — a solution that benefits both funeral homes and the families they serve.

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A SMARTER FUNERAL FINANCING PLAN

SMALL BUSINESS TRENDS ARE ON THE RISE

A financing program can offer flexibility and allow a family to focus on the planning, not the price.

Technology gives business owners opportunities to provide low-cost, high-value options for families.

TRIBUTE INSURANCE ASSIGNMENTS

STATIONERY Life insurance ADVERTISEM ENT assignments,

now easier than ever before.

Combined, our insurance team has more than 63 years of experience. We know the requirements of more than 300 insurance companies, so we can process claims efficiently and accurately and fund your funeral home in as little as 24 hours.

C A L L T O D AY F O R M O R E I N F O R M AT I O N A B O U T TRIBUTE INSURANCE ASSIGNMENTS!

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COMING SOON:

Tribute Insurance Assignments When families lose a loved one, they’re faced with many tough decisions. Funeral planning while grieving can be overwhelming, especially if they weren’t financially prepared.

By offering multiple payment methods, your funeral home can help give your families the funeral their loved one deserves.

We understand that every family’s situation is different, so they need a payment option that works for them. That’s why our all-inone payment platform, Tribute Pay, offers multiple options for your families. Tribute Pay includes options such as financing, credit card processing, crowdfunding, and now, insurance assignments.

Tribute Insurance Assignments is another way families can pay for funeral expenses.

It’s a way to make the life insurance policy process faster and easier for both your funeral home and your client families. For families who want to avoid a credit card payment or extensive loan, this may be the best solution for them.

a few minutes, and we’ll take care of the rest. Our approval process is faster than working with a funding company. Within 24 to 48 hours, we’ll verify the claim for funding. And if we can’t verify the claim, families can try one of Tribute Pay’s other payment options, like Tribute Loans.

G E T PA I D U P F R O N T

Instead of waiting weeks or even months, your funeral home gets paid within days.

We’ll also keep your funeral home upto-date on the claim process through the Tribute Pay admin panel. That way, you can focus on caring for your families rather than figuring out funeral payments.

EXPERIENCED INSURANCE SPECIALISTS

Our insurance specialists have more than 63 years of combined experience working with life insurance policies. Our team is always available to answer any of your life insurance policy questions. And they’ll handle the claim process, so your funeral home’s staff can get back to funeral planning.

With this new payment method, your funeral home can cater to families who otherwise wouldn’t have had the funds.

Instead of settling on less expensive options like direct cremation, they can plan the funeral they want without worrying about the expenses.

FA S T E R P R O C E S S

You can help families complete the request for funding form directly on your funeral home’s website. The process only requires

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Meet the Tribute Insurance Assignments Team Frazer Consultants’ team of insurance assignment experts have more than 63 years of combined experience in life insurance claims and assignment funding. This expertise means that our team can handle every aspect of an insurance assignment for your family, ensuring efficiency and accuracy and alleviating your insurance-related headaches.

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MARK

ANDRIAN

Tribute Insurance Lead

Tribute Insurance Lead

Mark has 10 years of insurance experience. He lives in Albany, Indiana with his wife of 12 years, Jennifer, and their three children — Kylie, Kaleb, and Kamden.

Andrian has 7 years of insurance experience. He lives in Fisherville, Kentucky with his wife of 5 years, Crosby. They are expecting their first child in May 2018.

AUDREY

HERSHIE

Tribute Insurance Lead

Tribute Insurance Agent

Audrey has 4 years of insurance experience. She is originally from southern Indiana and lives in Hermosa Beach, California, with her husband of 2 years, Tom.

Hershie has 7 years of insurance experience. As a mother of three, she rarely has free time — but when she does, she enjoys reading and cooking.

DANNA

LUEY

Tribute Insurance Agent

Tribute Insurance Agent

Danna has 7 years of insurance experience. She is in love with the outdoors, and you often can find her hitting the trails or the beach and exploring.

Luey has 10 years of insurance experience. He has three daughters who keep him plenty busy, but in his rare free time he enjoys spending time with friends.

CHARITY

CECE

Tribute Insurance Agent

Tribute Insurance Agent

Charity has 13 years of insurance experience. She enjoys traveling the world and learning new cultures and is in the process of adopting a child from Malaysia.

Cece has 5 years of insurance experience. She was born in Boracay and in her free time she enjoys running and discovering new trails with her husband.

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Statistics Show Why Families Need Funeral Financing Options The numbers don’t lie — millions of families are still feeling the impact of the Great Recession. Some recent surveys show why families need a funeral financing program now more than ever.

G O B A N K I N G R AT E S S AV I N G S S U R V E Y

L I F E I N S U R A N C E S T U DY

Let’s start with the 2016 GOBankingRates survey’s key findings. In 2015, the amount of people surveyed that had less than $1,000 was 62%. By 2016, that number jumped to 69%.

Life insurance remains one option for paying funeral expenses. But the lack of coverage remains a real problem in the U.S. According to the 2017 Insurance Barometer Study, 41% of Americans have no life insurance at all. 84% of people surveyed agreed that people need life insurance, but when asked, only 70% said they personally needed it. 66% said life insurance was too expensive and that they had other financial priorities.

When asked how much money was in their savings account, 34% had nothing saved at all, 35% had less than $1,000, 11% had between $1,000 and $4,999, 4% had between $5,000 and $9,999, and only 15% had $10,000 or more.

Age isn’t much of a factor, as both Baby Boomers (55-64) and Millennials (25-34) had similar answers to survey questions.

The percent of millennials with less than $1,000 in savings was 67%, while that number for Baby Boomers was 69%.

B A N K R AT E S U R V E Y

A more recent survey by Bankrate found similar results. In 2017, 57% of Americans surveyed didn’t have enough savings to cover an unexpected expense of $500. Of those surveyed, only 41% would pay for an unexpected expense with savings — the others were likely to use other means, such as asking family for help, reducing spending, using credit cards, or tapping into retirement.

The “silent generation” (71 and older) were the most likely to use a credit card for an unexpected expense. Experts warn against this because of higher interest rates compared to consumer financing.

R E T I R E M E N T S AV I N G S

Saving for retirement is also at a low in the U.S. Another GOBankingRates survey found that one out of every three Americans have no retirement funds at all. The same survey found that 56% of Americans have less than $10,000 saved.

A 2016 NerdWallet survey found that financial anxiety is high. 40% of older Americans (45-54) are concerned about their lack of retirement savings, and only 20% believe they have enough saved for retirement.

One of the biggest reasons why Americans are saving less is that their financial priorities have increased, but their paychecks haven’t. According to MoneyWatch, the typical U.S. household is making 2.4% less than they were in 1999.

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T R I B U T E PAY

Crowdfunding options without the risk.

With Frazer-powered websites, your families can host crowdfunding campaigns for memorial funds, medical expenses, charity donations, funeral expenses and more. The best part? Your funeral home is in charge, traffic stays on your website, and you get paid up front.

C A L L T O D AY F O R M O R E I N F O R M AT I O N A B O U T TRIBUTE INSURANCE ASSIGNMENTS!

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Grow Your Business by Offering Multiple Ways to Pay People like options. When it comes to choosing how they pay, that’s no different.

Having options gives people a sense of control and a sense of comfort. As a funeral director, one of the easiest ways to reach more families is simply to offer them more payment options — options that are easy and effortless for them.

At the end of the day, it’s about your client families’ satisfaction. A J.D. Power study found that convenient billing/payment options are key to improving consumer satisfaction. More than half of customer satisfaction is determined by the billing and payment process.

Even as early as 2010, a survey from the National Automated Clearing House Association indicated digital payment options made people happier because of easier access to statements, reduced clutter, and environment-friendliness.

So if a customer wants to pay via a financing plan or simply with a credit card from the convenience of their smartphone, they should be able to. Happy client families are just one of the perks — but there are other reasons to consider offering multiple payment options.

by eMarketer found that the number of people who use mobile bill payment will rise from around 37.5 million in 2016 to almost 70 million by 2019.

R E A C H N E W FA M I L I E S W I T H N E W O P T I O N S

Not everyone can afford to pay the same way. Money is tight. According to MarketWatch, many Americans lack the funds needed to cover even a $1,000 expense. Families are living on a fixed income or paycheck to paycheck. By adding alternative options to pay — in addition to traditional cash, card, and check — you open doors for new client families who otherwise couldn’t afford certain services. Offering financing, mobile and online payments, crowdfunding, and insurance assignments are all additional payment options that can connect you with more families in your area.

MODERN APPEAL

Having limited payment options also makes your funeral home look dated, and that hurts. More than 90% of consumers, per SmallBizDaily, said they would consider using another business if the current business appears to use outdated methods and technology. Not everyone is going to be interested in using alternative payment methods, but you’ll save yourself from missing out on the families who are interested in them — or need them.

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T H E F U T U R E I S I N C R E A S I N G LY D I G I TA L

People like to pay online. The number of people using mobile and online bill payment continues to rise. A study

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A Smarter Funeral Financing Plan Did you know you can finance just about anything? Cars, couches, and even vacations.

Now, you can even finance funerals. A financing program can offer flexibility and allow a family to focus on the planning, not the price. But a smart financing program should also aim to benefit your funeral home as well. Let’s find out how a smart financing program can benefit both your funeral home and the families you serve.

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PREMIUM AND QUALITY SERVICES FOR ALL

When families can easily finance a funeral, that means they now have access to your premium services. The same families might not even have the luxury of considering them before. This is especially important to families who live on a fixed income. They now can provide your top services for their loved one while spreading out the payments in a manner that is much easier for them.

PUTTING THE MONEY IN YOUR POCKET

How the funds get distributed can make a significant difference for financing programs.

A smart program would have the funds go directly into the hands of the funeral home first. Having the funds deposited to the funeral home speeds up the whole process.

On top of that, funeral homes don’t get stuck waiting on a payment from the family.

Speaking of speeding up the process, a smart financing program gets the funeral home the funds right away. Some financing programs can take up to five days or longer to deposit the money into the family’s account. This slows down the whole process and leaves less time for planning. By getting the money directly and immediately, funeral homes don’t get stuck waiting on a payment from the family.

to give a loved one the funeral they deserve.

That is why a smart financing plan would allow families to make affordable monthly payments. With Tribute Loans, families apply directly on your funeral home’s website.

The application takes less than five minutes, and within seconds, families get offers from multiple lenders across the U.S. The lenders compete against each other, which means families get competitive loans with low interest rates.

After the families select a loan that’s convenient for them, they’re taken directly to the lender’s site to finish the application.

Your funeral home gets paid right away while families pay back the loan lender. You also get notified during every step up the process. Not only does it make things easier for families, it helps your funeral home by improving cash flow and creating new revenue opportunities.

Tribute Loans is one of the payment options that comes standard with Frazer Consultants’ all-in-one payment platform, Tribute Pay. With our payment platform, your funeral home can offer families credit card processing, financing, crowdfunding, electronic checks, and insurance assignments as alternative payment methods.

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FUNERAL FINANCING THAT WORKS FOR YOU

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No funeral home wants to see a family take on heavy debt with high interest rates just

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Alternative Payment Options Can Help Families with the Unexpected Ideally, a funeral service — and the cost that comes along with it — can be planned for. But as a funeral director, you know that death can never truly be planned. For many, it comes unexpectedly. And in an unpredictable world, families need options.

While some families have the funds to pay for funerals, others aren’t so fortunate. In the face of an unexpected death, some might be forced to go with the least expensive route, like a direct cremation. Others might turn to crowdfunding.

No funeral director wants to turn away grieving families. By increasing the number of payment options you offer, you can help families with many different financial situations.

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C A N Y O U R E A L LY E X P E C T T H E U N E X P E C T E D ?

Accidents, homicide, and suicide are all impossible to plan for, but they happen rather frequently. According to the Centers for Disease Control and Prevention, in America, accidental deaths alone are the fourth leading cause of death. In major cities, homicide rates are on the rise.

When an unplanned death does occur, the families are left with an unimaginable void. The last thing that should be on their mind is how to pay for a service to remember a loved one.

THE ECONOMY ISN’T HELPING

It’s well-known that the cost of a traditional funeral has risen. Pair that with shrinking savings, and it makes it difficult for families to get the traditional service they might want.

A Bankrate survey found that in 2016, 63% of Americans have no savings for an unexpected expense of up to $1,000.

As a MarketWatch article put it, most Americans “remain just one paycheck away from ending up on the street.” The article also said that “57% said they’d used up some or all of their savings in the Great Recession and its aftermath.”

How do families plan to meet an unexpected expense, then? The same Bankrate survey found that 23% of families will reduce spending elsewhere, and 15% will borrow from family or friends or use credit to help make the payments easier. In the face of unexpected deaths, some families would be willing to use alternative payment methods like financing or life insurance to pay for parts of a funeral.

H O W W O U L D A F U N E R A L PAY M E N T P R O G R A M H E L P Y O U A N D Y O U R FA M I L I E S ?

A funeral payment program, like Tribute Pay, gives the family a variety of ways to cover the costs of a funeral, all while ensuring they get the funeral they want. Whether it’s financing, electronic checks, crowdfunding, credit cards, or life insurance — having multiple payment options might make all the difference. For a family facing the unexpected, this could be the answer they need.

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Why Families Consider Alternative Funeral Payment Options The NFDA recently released a report showing that for many, funeral planning is not a priority.

Unfortunately, this means that many families haven’t considered the expenses involved.

With 57% of Americans lacking the money needed to cover a $500 unexpected expense, alternative payment methods like financing, crowdfunding, or even insurance assignments, are becoming more popular.

FA S T E R A N D E A S I E R T H A N E V E R

Payment programs, like Tribute Loans, have gotten a lot faster. Families that apply online get notified of approval typically within minutes. A family can then pay for the funeral immediately while they wait for a life insurance payout or reallocate their other assets. For example, let’s say the family wants to sell the car of the deceased to help pay for a part of the funeral. Selling a car could take months. But by using an alternative payment method like financing, they can pay for the funeral upfront, and pay off the rest when the car is sold.

K E E P S FA M I LY ’ S E M E R G E N C Y F U N D

According to GOBankingRates, more than half of Americans (69%) have $1,000 or less in savings. 11% have between $1,000 and $5,000. Here, alternative payment methods make sense. Let’s say the family wants to keep part of their emergency fund instead of using it all on

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the funeral. They can pay for part of the funeral and use flexible payment options to cover the rest.

MORE FLEXIBILITY

A payment program also offers flexibility. Whether a family is waiting on a life insurance payout or reallocating their assets, having multiple payment options allows them to access the funeral options they really want for their loved one. This means they can choose the memorial options that have the most meaning to them, instead of opting for something like direct cremation to save money.

G I V E S FA M I L I E S M O R E T I M E T O F O C U S O N F U N E R A L

Another reason families consider alternative payment methods is that it allows them to focus on planning the funeral. It means more time to grieve and heal, and less time worrying about finances. By having a payment program like Tribute Pay, you can offer families multiple payment options such as crowdfunding, financing, and life insurance assignments.

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TRIBUTE VIDEOS

Easy-to-create cinematic quality memorial videos for families.

With more than 65 cinematic intros and endings, 200 songs, 600 scenic video clips, and 500 themes for DVD packaging, you can create a personalized video in minutes.

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EVERY THING YOU NEED TO KNOW ABOUT

FOR YOUR FUNER AL HOME

Funeral directors have one of the most grueling jobs out there. Unpredictable hours, missed holidays with family, working with families who are highly emotional, more paperwork than you could imagine — the list goes on.

The Complete Guide to Funeral Payment Options

And yet, despite the degree of difficulty this profession has and the strain it puts on us, we continue to go to work every day because we’re passionate about what we do and we want to make a difference in the world.

Unfortunately for us, passion alone doesn’t pay the bills. And a lot of us hate the inevitable conversations we have with our families about how their funeral expenses will be paid for.

But there are ways to make things easier — for both us and the families we so dutifully serve.

Let’s start by talking about the techniques and technologies available to us that lessen the burden on client families while still ensuring that the bills get paid on time and in full.

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I M P ROV E YO U R G E N E R A L P R I C E L I S T

When it comes to creating a general price list, there are a lot of things to keep in mind.

When the Federal Trade Commission’s Funeral Rule was implemented in 1984, it set forth requirements of how a general price list (GPL) could be organized, who it had to be given to, when it had to be given, and what they could include.

With so many legal requirements to consider, many funeral directors choose to provide just what is necessary instead of putting more time into creating a good GPL. But putting some extra time into a GPL can have a very positive effect on a funeral home’s bottom line, especially if funeral directors look at it as a marketing tool rather than a requirement.

Here are some of the ways you can improve your GPL: Create a flattering design.

A GPL may in some ways to you be a legal document, but your families don’t see it that way. Make it visually appealing for them by using some color, graphs, photos, and your logo.

This will go a long way in helping promote the services and products you have listed.

Before you list prices, list examples of funeral services.

Just because it is a general price list doesn’t mean you only have to list the itemized prices that are required. Before you start talking about numbers, offer examples of services families typically want and the products/services families can choose to make them a reality.

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Here is an example: Traditional Burial and Viewing If you would like to hold a visitation and bury your loved one in a traditional manner, here are some examples of products and services you may need for the ceremony and burial: Basic services of funeral director and staff; embalming; professional care of the body; restoration; facilities, staff, and equipment for viewing; transfer of remains to our facility; casket; and outer burial containers.

Families can have a hard time understanding what all they need for the funeral they want, so providing examples of different types of funerals and the services and products commonly associated with them can be a step in the right direction.

Your families can later look at the individual prices for these products and services, which are itemized per the Funeral Rule, or you can list the price for all the products and services listed for a specific package as long as you also list the itemized expenses elsewhere in the GPL. Include information about benefits.

Though not required in the GPL per the Funeral Rule, it can be helpful for both you and the families you serve if you list information about certain benefits that can be used to pay for services, such as Social Security benefits, life insurance assignments, and veterans benefits.

Including information about how to apply for benefits, who can use the benefits, and what is needed to obtain them can save you time in the long-run and help families afford more for their loved ones.

List urn prices as well as casket prices.

As of right now, funeral providers are only required to list casket prices on a GPL. But with cremation overtaking burials in popularity throughout the country, it might be a good idea to also supply a list of urn prices when applicable.

And don’t stop at traditional urns — if you offer other containers for ashes such as jewelry or glass keepsakes, you can list those prices as well.

List contact information for nearby cemeteries or crematoriums.

If you commonly work with a cemetery nearby or use a third-party crematorium, it might be very helpful for your families if you provide their contact information so that they can find out what costs are associated with those third-party services.

a GPL doesn’t mean those are the only things that should be included. When you offer families all the relevant information about your pricing and payment policies, it makes it easier for them to clearly understand what they can purchase from you.

More importantly, the more you include in a GPL, the more honest you appear to families. Listing all possible services in an easy-to-understand way for families incites trust and, potentially, leads to more services and products being purchased.

List payment options.

WA N T T O R E A D M O R E ?

If you offer multiple ways to pay, such as online/credit card payments, life insurance assignments, financing, etc., it’s a good idea to include those choices so that families are aware of the options they have.

Download the rest of our free guide on everything you need to know about funeral home payment options, including crowdfunding, insurance assignments, and financing:

Provide as much information as is relevant.

frazerconsultants.com/payment-options

Just because the Funeral Rule requires certain things on

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How to Talk to Families About Funeral Payments For millions of Americans, finding new ways to pay funeral expenses has become a necessary reality. It’s in the numbers.

Statistics show that most Americans (57%) don’t have enough to cover a $500 emergency expense. And to top it off, the NFDA reported in 2017 that preplanning funeral arrangements simply isn’t a priority.

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It’s easy to see why families can benefit from alternative payment methods. But it can still be a hard topic to discuss with families. Funeral directors aren’t salespeople — their main priority is the care and compassion they can provide families.

But by spending just a few extra minutes with a family during the arrangement conference to cover your payment options, a funeral director can make a world of difference in helping to relieve a family’s worries.

U S T R A I N Y O U R S TA F F

An effective payment program starts with a well-trained staff. You’ll want your funeral directors to be well-versed on the specifics of your funeral home’s payment program.

This way they can answer any questions families might have. It’s up to you to decide who to train. It can be your whole team, or just one dedicated staff member as your go-to payment guru. Once your staff is trained on the ins and outs of the program, engaging families about your payment options becomes easier.

D O N ’ T A S S U M E FA M I L I E S W I L L A S K

It’s important that the funeral director brings up payment methods first. Don’t assume a family will ask. For example, families might not be aware financing is even an option or might be too embarrassed to ask. Or, a family might not understand the process and they think it might be more complicated than it is. They might also feel overwhelmed or too uncomfortable to ask about alternative payment options.

L I S T A L L PAY M E N T O P T I O N S

At the end of the arrangement process, simply list all your payment options available to the family. By laying every available option on the table, you’ll create a sense of trust with the family. Present the full upfront cost, your financing program, and any other payment options available, such as crowdfunding and insurance assignments. Then, families can choose the best option to suit their needs.

family with further reading material on the program, such as an informational brochure or flier. Just make sure to ask the family if they have any questions about the payment program and how it works.

M A K E I T E A S Y T O A P P LY

At the end of the day, your best option is to make applying for your payment options as easy as possible for families. A family can even apply right in the arrangement conference, or online when it’s convenient for them. This means they can choose how to pay faster and get back to focusing on planning. A modern payment program makes planning quicker and easier for both funeral homes and families.

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H AV E I N F O R M AT I O N R E A D I LY AVA I L A B L E

After mentioning all your payment options, present the

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WEBSITES

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DFUNDING TISEMENT

Our websites work hard so you don’t have to.

Frazer-powered websites are more than just beautifully designed — we put thought into every aspect of your site so that your families get the features they need, and we’re constantly adding features at no additional cost to your funeral home.

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Why Providing Multiple Payment Options is Good Business It’s common knowledge that the average cost of a funeral has risen, and that a family’s ability to cover these increasing costs is hindered by the fact that many families lack the savings to help cover the cost of services.

Most funeral directors today recognize this growing problem but feel frustrated by the lack of viable solutions.

Thankfully, there’s a glimmer of hope on the horizon — a solution that benefits both funeral homes and the families they serve.

SOARING FUNERAL COSTS

The NFDA estimates that the cost of a funeral has risen 28% in the past decade. The median cost of a funeral is just over $7,000, and the median cost of a cremation with a memorial service is generally around $6,000. Those aren’t small sums.

For many families, those sums are altogether unaffordable.

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Sure, a healthy savings account or life insurance policy would be ideal, but those are not realistically achievable for everyone.

S H R I N K I N G S AV I N G S

An increasing number of Americans aren’t contributing to a savings account or lack one altogether. According to a GOBankingRates survey, more than 60% of Americans have less than $1,000 in savings. A similar study by the PEW Charitable Trusts found that more than 40% of Americans don’t have enough accessible money to even cover a $2,000 expense.

WEBSITES

Websites that are beautiful on every screen.

Frazer offers responsive website design, which means your funeral home’s website responds to every screen it’s viewed on. Whether it’s a mobile phone, tablet, or desktop, you can be sure your site will be both functional and beautiful.

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CROWDFUNDING ADVERTISEMENT

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PAY M E N T O P T I O N S

Think about this scenario. The Andrews are a respected family in their small rural community. Their family has been there for generations. Mrs. Andrew’s husband recently passed away. His family has all been laid to rest in the same cemetery. The family had modest savings set aside, but exhausted it after Mr. Andrew fell ill. It left them with around $4,000. But the service Mrs. Andrew wants is just over her budget, with a total cost of $7,000.

With a small loan, Mrs. Andrew would be able to put on the service Mr. Andrew deserved. Her mind would be at ease. She would be able to stretch out her payments over a period that would make it affordable for her. Indeed, with a more sizable loan, Mrs. Andrews would even be able to put together a funeral service that exceeded her initial plans.

Or, imagine this scenario. Mrs. Johnson is shocked by the sudden loss of her husband. Additionally, he’s leaving behind their three young children. Along with coming up with funds to pay for the funeral service, she wants

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to start college funds for her children. But with the total funeral cost of $8,000, she doesn’t have any savings left to start college funds.

With crowdfunding, she can reach out to her community to raise money to start college funds. However, if you use a crowdfunding site like GoFundMe, you’re putting the control of the funds in someone else’s hands. To regain control, your funeral home can provide crowdfunding directly on your website. Your funeral home will receive the funds directly along with more traffic to your website.

With Tribute Pay, your funeral home can help your families find the payment method that’s right for them.

With Tribute Loans, Tribute Crowdfunding, and Tribute Insurance Assignments, your funeral home gets paid upfront while allowing families to plan the funeral their loved one deserves.

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T R I B U T E LOA N S

Offer the flexibility your families need with Tribute Loans.

With financing, families can afford to give their loved ones the send-off they deserve. Offering financing directly on your website means one more service you offer families, and it also means your funeral home gets paid up front.

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Small Business Trends Are on the Rise It’s an interesting time for funeral home owners. Modern business technology has given owners great opportunities to expand their services and provide low-cost and high-value options for families. But it’s also made the death care industry hyper-competitive. Start-ups and alternatives to end-of-life practices are surging.

An article in the New York Times said that, with “2.6 million people dying annually in the United States, entrepreneurs see an opportunity to innovate.” They also found that Baby Boomers have grown comfortable shopping for services online, and “these start-ups are finding a highly engaged audience.”

For funeral home owners, that means staying up on current and upcoming small business trends can help keep your funeral home competitive — not only against alternative death care but against other funeral homes in your area.

E-COMMERCE

2016 has been the year of e-commerce, and that’s great for small businesses. Having an online storefront can draw in tons of revenue and website traffic. According to ReadyCloud, nearly 80% of the population has already made an online purchase and are comfortable doing so.

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It’s also estimated that e-commerce sales will reach $500 billion by 2018, making it a great opportunity for funeral homes. Having an e-commerce site that offers online funeral payments or sells flowers or other memorial products is a simple way to add a new revenue stream to your funeral home, and as families tend to be more spread out than they were in the past, it means they can easily purchase flowers or pay for a funeral even if they are miles away.

CYBER SECURITY

As more transactions take place online, it increases the need for cyber security. And small businesses have become targets for hackers — according to a study by Symantec on internet security, 43% of cyber-attacks were targeted at small businesses in 2015 and they are expected to continue to target small businesses in years to come. One of the best ways to protect against cyber-attacks is to make sure your website uses SSL (Secure Socket Layer) to protect and en-

crypt any personal information. Frazer-powered sites all use SSL to encrypt information.

MOBILE

In this always on the go world, mobile is the new king.

From searches to purchases, there’s a high chance it’s being done from a mobile device. It was just over a year ago that the Wall Street Journal reported on how mobile became the number one method in which people access and search the internet.

And mobile purchases have grown so rapidly that a new term has been coined — m-commerce. By 2020, Business Insider predicts mobile purchases will become a $284 billion industry. As one Business Insider article put it, “m-commerce is poised to burst into the mainstream thanks to a host of technological advances that are making it easier for people to shop on their phones.” Having a website that’s optimized for mobile is a must.

In fact, more than half of a consumer’s satisfaction is determined by the ease of a billing/payment process.

Having multiple methods of payment — options like mobile and credit card payments, financing, crowdfunding, and even insurance assignments — are ways to help improve the overall experience and satisfaction of your client families.

W H AT D O T H E S E T R E N D S M E A N F O R M Y F U N E R A L H O M E ?

The big question to ask is if your funeral home is prepared to meet these changing trends. New trends mean new ways of thinking and new ways of business. As the old adage goes, you either adapt or you die.

Funeral homes are facing competition beyond their traditional local rivals — making these rising trends important to consider. And while these new trends might not reflect the habits of older generations in your client families, it’s important to remember that younger generations — Gen Xers and Millennials — will soon start playing a big role in planning services for their older relatives.

PAY M E N T S E R V I C E S

Have you ever been to a restaurant that only accepts cash?

It can be kind of annoying, right? As it turns out, client families feel the same way. A recent J.D. Power study found that convenient billing and payment options rank high on the list of improving consumer satisfaction.

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WEBSITES

Let your families tell their story.

With our Social Tribute Walls, families can share so much more than an obituary and condolences.

Your website becomes a scrapbook of memories — full of messages of love, photos and videos, digital keepsakes, and so much more.

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T R I B U T E PAY

Make it easier to get paid up front.

Tribute Pay puts your funeral home back in control of your accounts receivable. Offer credit card payments, financing, insurance assignments, crowdfunding, and electronic checks all in one place — and get paid up front no matter what option families choose.

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