Funerals can be costly, and seniors on a fixed income often worry about how their families will afford them when they pass away. According to the National Funeral Directors Association (NFDA), the median cost of a funeral with a burial is $7,640, while the median cost of a funeral with cremation is $6,260. In this article, we’ll provide a step-by-step guide for seniors on a fixed income to calculate how much life insurance coverage they need to cover funeral costs. Factors that Impact Funeral Costs Funeral costs can vary widely depending on several factors, including: How to Calculate Life Insurance