Final expense worksheet
Final Expense Worksheet: How the Gap Is Figured
A free worksheet that adds up final bills and shows the gap. Nothing you type is sent unless you submit the form.
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The final expense worksheet adds up the funeral and final bill estimates you type in. It subtracts the life insurance and savings you already have for those bills. What is left is the gap. The worksheet shows that gap as a coverage amount to talk through, up to $50,000.
Final expense planning worksheet
Step by step
How the worksheet works
Pick burial or cremation
The choice sets which lines appear. Burial shows five lines. Cremation shows four.
Type your estimates
Use written estimates from the funeral home and the cemetery, plus your own records. Leave a line blank if it does not apply. At least one line needs a number.
Add what you already have
Enter life insurance already in place and savings set aside for these same bills. Count each dollar once.
Read the gap
The result shows your estimates, what you have, and what is left. A bar chart and a list of questions for the funeral home change with your choice.
Inputs
What you enter
Burial lines
- Funeral home services
- Casket
- Cemetery plot and opening
- Headstone or marker
- Final medical and other bills
Cremation lines
- Funeral home services
- Cremation
- Urn or memorial
- Final medical and other bills
What you already have
- Life insurance you already have
- Savings set aside for these expenses
The formula
The math
Total estimates
Add every line you filled in.
The gap
Total estimates, minus life insurance you already have, minus savings set aside. If the answer is below zero, the gap is zero.
The amount shown
The worksheet shows the gap, up to $50,000. A bigger gap shows as $50,000+ with a note to ask Joe about larger amounts. A gap under $5,000 gets a note that it sits below the $5,000 start of the face amounts on this page.
Worked example
Example figures only. They are not typical amounts and not an estimate for your family.
| Funeral home services | $7,000 |
|---|---|
| Casket | $2,500 |
| Cemetery plot and opening | $2,000 |
| Headstone or marker | $1,500 |
| Final medical and other bills | $1,000 |
| Total estimates | $14,000 |
| Life insurance already in place | minus $5,000 |
| Savings set aside | minus $1,000 |
| Gap | $8,000 |
Good to know
What the result does not tell you
- The worksheet can show a gap outside the $5,000-$50,000 face amounts discussed on this page. It does not indicate that coverage for that amount is available.
- Health questions, age limits and approval come from the insurance company. The worksheet cannot tell you if you qualify.
- Some final expense policies pay a limited death benefit in the first years. Read that part of any policy before you apply.
Where the facts come from
Sources
- Federal Trade Commission: The FTC Funeral Rule
Funeral homes must give you an itemized list and a written statement of what you pick before you pay. The questions in the worksheet follow these rights.
- Life Happens: Life insurance 101
Plain background on how life insurance works and what a death benefit is.
- NAIC consumer resources
Consumer help from the National Association of Insurance Commissioners.
FAQ
Questions about this worksheet
How does the final expense worksheet figure the gap?
It adds the estimates you type for funeral and final bill lines. Then it subtracts life insurance you already have and savings set aside for those bills. The result is the gap, shown up to $50,000. If your coverage and savings already meet the estimates, the gap is zero.
Does the worksheet save or send what I type?
No. What you type stays on this page. The site only counts that someone started or finished the worksheet, with no dollar figures. Nothing reaches me unless you fill out the form and submit it.
What if my gap is more than $50,000?
The worksheet shows $50,000+ and a note. This page covers face amounts from $5,000 to $50,000. For a larger gap, talk it through with me and I will go over your options.
Can the worksheet tell me if I qualify for coverage?
No. It only does the math on the numbers you enter. Health questions, age limits and approval come from the insurance company. I can help you read the policy terms before you apply.
More from me
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Talk it through
Talk through your numbers with me
Bring your estimates and your questions. I can help you read the policy terms before you decide.
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