Add up funeral, medical and estate costs to size a final-expense policy.
A final expenses calculator estimates the one-time costs your family would face after a death, funeral, burial or cremation, and related bills, so you can size a small insurance policy or savings set-aside to cover them.
Beyond the funeral service and burial or cremation, final costs often include a casket or urn, a cemetery plot and headstone, transportation, and administrative fees, plus any unpaid medical bills or small debts. In the U.S. a traditional funeral commonly runs into the thousands to low five figures; cremation is typically less. Totaling these gives a realistic target rather than a guess.
Final-expense needs are usually covered either by a modest amount of life insurance or by earmarked savings. Some people fold this into a larger term life policy; others buy a small dedicated 'final expense' or 'burial' policy, which is easier to qualify for but costs more per dollar of coverage. Subtract any savings you've already set aside and any existing life insurance to find the gap this calculator estimates.
A traditional funeral and burial often runs into the thousands to low five figures in the U.S.; cremation is generally less. Adding medical bills and fees gives your target.
Not necessarily. Many people cover these costs within a larger term life policy or from savings. A dedicated burial policy is an option if you want coverage specifically earmarked for this.
Final-expense coverage targets one-time after-death costs. Full life insurance also replaces income and covers mortgages and education, a much larger need. See our life insurance calculator for that.
See the exact formula and a worked example on our methodology page.