Free Resource
The Final Expense Coverage Worksheet
A free one-page worksheet to estimate how much final expense insurance you actually need. Walk through funeral costs, outstanding debts, and medical bills to arrive at a real coverage number.
One of the most common questions people have when looking at final expense insurance is straightforward: how much coverage do I actually need? The answer depends on costs that are easy to never sit down and estimate. This worksheet walks you through each expense category so you arrive at a number based on real math, not a guess.
What does a funeral actually cost today?
The national median cost of an adult funeral with viewing and burial was $8,300 in 2023, and that does not include a cemetery plot, a headstone, flowers, or an obituary. The median cost of a funeral with cremation was $6,280. (Source: National Funeral Directors Association, 2023 General Price List Study.)
These costs are easy to underestimate. The worksheet gives you a line for each one so nothing gets left out.
What other costs does final expense coverage typically cover?
A final expense death benefit is generally paid income tax free, as a lump sum, to your beneficiary. They can use it for anything. Beyond funeral and burial, the most common uses are:
- Outstanding medical bills and hospital balances that arrive after a passing
- Credit card balances and personal loans your estate may have to settle
- Everyday expenses for a surviving spouse during the transition period
- A small amount left as a legacy for family members
The worksheet includes each of these categories so your estimate reflects your specific situation rather than an industry average.
How much final expense coverage do you need?
Final expense policies are sold in small amounts, typically from $5,000 to $50,000. As a rough guide, and your own numbers from the worksheet matter more:
- $10,000 to $15,000 is often chosen for cremation or a basic funeral and burial
- $15,000 to $25,000 is often chosen for a standard funeral and burial with some room to spare
- $25,000 to $50,000 is often chosen for funeral costs plus outstanding bills, with something left behind
The worksheet helps you land on the right number so you are not overpaying for more than you need or leaving your family short.
What is inside the worksheet
- A step-by-step estimate for final expenses including funeral, medical bills, and outstanding debts
- A section for any legacy amounts you want to leave behind for family
- A simple calculation to arrive at your total coverage target
- A comparison to check your current coverage against your calculated need
- A note on what to do if you find a gap
Who this is for
This worksheet is for anyone thinking about final expense insurance who wants a real number before getting quotes. It is also useful if you already have a policy and want to confirm the coverage amount still makes sense given your current situation.
It is also a useful tool for adult children helping a parent plan. Download it, work through the numbers at your own pace, and bring it to any conversation with an agent. It will help you ask better questions and avoid being sold a coverage amount that does not match your real needs.