State of the Funeral Industry: Infographic + Survey Results

LendingUSA recently conducted an in-depth survey, asking funeral homes across the United States detailed questions and encouraging them to share feedback about their unique perspective. Check out the infographic, as well as the full survey results below to understand the state of the funeral industry today:

state-of-the-funeral-industry

Full Survey Results:

  1. Is your funeral home privately owned, or owned by a corporation that is publicly traded?
    1. Privately owned (98%)
    2. Owned by a corporation that is publicly traded (1%)
  2. On average, how many cases does your funeral home handle in a year?
    1. 101-300 (52%)
    2. Less than 100 (29%)
    3. 301-500 (9%)
    4. 1,000 + (4%)
    5. 501-1,000 (3%)
  3. What is the average price range for a funeral service in your home?
    1. $6,000-$12,000 (69%)
    2. $3,000-$6,000 (27%)
    3. $1,000-$3,000 (2%)
    4. $12,000 + (1%)
  4. What is the average amount in cash advances you typically pay out of pocket on behalf of the families?
    1. $1,000-$2,000 (37%)
    2. $500-$1,000 (37%)
    3. Less than $500 (21%)
    4. $2,000 + (3%)
    5. none (0%)
  5. Year-over-year, has your revenue increased or decreased?
    1. Increased (39%)
    2. Remained about the same (38%)
    3. Decreased (22%)
  6. Have you opened your funeral homes for other uses in the past year to increase revenue?
    1. No (89%)
    2. Yes (10%)
  7. What part of the funeral services planning process is most challenging for you and your business?
    1. Planning services that fit within the family’s budget (48%)
    2. Collecting payment (31%)
    3. Arrangement process (12%)
    4. Other (8%)
  8. Have your accounts receivables increased or decreased over the past year?
    1. Remained about the same (50%)
    2. Decreased (22%)
    3. We don’t have any accounts receivables (17%)
    4. Increased (9%)
  9. If your accounts receivables have increased, what is the primary reason?
    1. Payment not received (37%)
    2. We offer in-house payment plans (37%)
    3. 3rd party charges (12%)
    4. Preneed insurance coverage (12%)
  10. About what percentage of your services are cremations?
    1. 25%-49% (31%)
    2. 51%-75% (23%)
    3. Less than 25% (21%)
    4. About 50% (20%)
    5. More than 75% (3%)
  11. About what percentage of your services are burials?
    1. 51%-75% (35%)
    2. About 50% (24%)
    3. 25%-49% (18%)
    4. Less than 25% (11%)
    5. More than 75% (9%)
  12. When families choose cremations over burials, what is the primary reason for doing so?
    1. It was the deceased’s request (50%)
    2. Cost (45%)
    3. Other (3%)
    4. Environmental factors (0%)
  13. What percentage of families have a preneed insurance policy?
    1. Less than 25% (37%)
    2. 25%-49% (30%)
    3. 51%-75% (15%)
    4. About 50% (15%)
    5. More than 75% (1%)
  14. What percentage of families have a life insurance policy?
    1. 25%-49% (37%)
    2. Less than 25% (29%)
    3. 51%-75% (16%)
    4. About 50% (14%)
    5. More than 75% (2%)
  15. How do you handle insurance policy claims in your funeral home?
    1. We file insurance claims manually (57%)
    2. We use an express funding service (40%)
    3. Other (2%)
  16. About how many insurance or preneed policies do not cover the full cost of the funeral services or are lapsed entirely?
    1. Less than 25% (75%)
    2. 25%-49% (16%)
    3. 51%-75% (3%)
    4. About 50% (3%)
    5. More than 75% (1%)
  17. Compared to ten years ago, do you think families are more prepared or les prepared for the costs associated with funeral services?
    1. Less prepared (70%)
    2. About the same (20%)
    3. More prepared (9%)
  18. What percentage of families pay by cash or check?
    1. Less than 25% (30%)
    2. 25%-49% (25%)
    3. About 50% (18%)
    4. 51%-75% (14%)
    5. More than 75% (10%)
  19. What percentage of families pay by credit card?
    1. Less than 25% (50%)
    2. 25%-49% (34%)
    3. About 50% (9%)
    4. 51%-75% (3%)
    5. More than 75% (2%)
  20. What percentage of families pay by financing?
    1. Less than 25% (96%)
    2. 25%-49% (3%)
    3. About 50% (0%)
    4. 51%-75% (0%)
    5. More than 75% (0%)
  21. What percentage of families pay by crowdfunding?
    1. Less than 25% (94%)
    2. 25%-49% (5%)
    3. About 50% (0%)
    4. 51%-75% (0%)
    5. More than 75% (0%)
  22. What percentage of families pay by life insurance or preneed policy?
    1. 25%-49% (41%)
    2. Less than 25% (23%)
    3. 51%-75% (17%)
    4. About 50% (14%)
    5. More than 75% (3%)
  23. What percentage of funeral services are paid for by splitting the cost between family members?
    1. Less than 25% (71%)
    2. 25%-49% (15%)
    3. About 50% (9%)
    4. 51%-75% (2%)
    5. More than 75% (1%)
  24. Have you ever recommended an online fundraising/crowdfunding program to a family to help pay for funeral services?
    1. Yes (45%)
    2. No (54%)
  25. How many families ask about payment options or payment plans when it comes to paying for services?
    1. Less than 25% (41%)
    2. 25%-49% (35%)
    3. About 50% (12%)
    4. 51%-75% (9%)
    5. More than 75% (1%)
  26. Do you currently recommend financing as a payment option to families?
    1. Yes (61%)
    2. Sometimes (27%)
    3. No (11%)
  27. When do you bring up payment options for families?
    1. When it is time to collect payment (32%)
    2. As soon as we start discussing services (29%)
    3. If it seems like they can’t afford the services they want for their loved one (29%)
    4. Only if they ask about a payment option (8%)
    5. I typically do not discuss payment options with families (0%)
  28. Do you feel comfortable recommending financing as a payment option to families?
    1. Yes (91%)
    2. No (8%)
  29. If No, what would help you feel more comfortable addressing the subject of financing?
    1. Additional training resources (57%)
    2. Coaching from an expert (14%)
    3. General Price List (GPL) insert (14%)
    4. Other (28%)
  30. Do you receive referrals from hospice organizations?
    1. Yes (58%)
    2. No (41%)
  31. In your experience, what matters most to families going through the process of planning funeral services?
    1. Personalized services for their loved one (35%)
    2. Transparency / understanding of all available funeral service options (34%)
    3. Competitive pricing (12%)
    4. Hassle-free planning and service (11%)
    5. Easy and low cost payment options (5%)
  32. Are you currently an enrolled merchant with LendingUSA?
    1. Yes (97%)
    2. No (2%)

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