[183 Pages Report] The Burial Insurance Market size was estimated at USD 142.10 billion in 2023 and expected to reach USD 153.55 billion in 2024, at a CAGR 8.26% to reach USD 247.77 billion by 2030.
Burial insurance, also known as final expense insurance is a type of life insurance policy that covers the costs associated with end-of-life expenses, predominantly funeral arrangements, and burial expenses. Unlike traditional life insurance, which provides a broad range of financial protection to the beneficiaries, burial insurance offers a smaller benefit amount aimed specifically at ensuring that funeral costs do not become a financial burden on families. Premiums for burial insurance tend to be affordable, and the policies are tailored for ease of qualification, often with no required medical examination. An aging population increases the demand for burial insurance, coupled with rising funeral costs, making pre-planning more attractive. Also, the growing awareness of the financial burden associated with funerals is pushing more individuals to secure burial insurance policies, expanding the scope of the burial insurance market. However, the perception of burial insurance as an unnecessary expense among the population acts as a restraining factor for the market. Despite the restraining factors, technology adoption presents an opportunity to streamline processes and enhance customer experience. Lastly, partnerships with funeral service providers could create a more integrated approach to end-of-life planning, tapping into new customer segments.
Coverage Type: Rising demand for modified or graded death benefit, offering balance between affordability and coverage
Guaranteed acceptance burial insurance is known for having no medical exams or health questions as part of the application process. It is accessible to a broad range of applicants, including those with serious health issues that would typically prevent them from getting traditional insurance policies. It ensures that individuals will not be denied coverage regardless of their health status, thereby providing peace of mind to applicants who fear rejection due to pre-existing conditions. Level death benefit burial insurance coverage option usually requires answering some health questions and possibly a medical exam. The death benefit is fixed and does not change over time as long as premiums are paid. This policy is suited for people who want to lock in a rate that will not increase as they age. Modified or graded death benefit policies are designed for individuals with some health issues who might not qualify for level death benefit policies but do not require a guaranteed acceptance plan. These policies involve a waiting period before the full death benefit is payable.
Providers: Growing preferences for digital channels due to convenience and speed of service
Agencies are traditional channels for insurance distribution with a broad network of agents who offer personalized services to consumers. Agents build relationships with clients, provide expert advice, and assist with policy selection and claims management. Customers who prefer face-to-face interactions and require customized service with high levels of trust and personal attention may choose agencies. Bancassurance refers to the partnership between banks and insurance companies, whereby the bank sells the insurance company’s burial policies to its customer base. Customers who already have a trusted relationship with a bank and appreciate the convenience of integrating their financial services may prefer this channel for purchasing burial insurance. Brokers are independent entities that serve as intermediaries between insurance providers and clients, offering a range of insurance products from different carriers. Customers looking for competitive pricing, multiple policy options, and impartial advice would likely engage with insurance brokers. Digital and direct channels offer burial insurance products through online platforms, allowing consumers to purchase policies without the intermediary of agents or brokers. Consumers who prefer quick, hassle-free insurance and are comfortable managing their insurance needs online might gravitate towards digital and direct channels.
End-user Age: Emphasis on coverage assurance and immediacy by over 70 and 80 age group
Individuals below 50 seek burial insurance due to a family history of illnesses or as part of a comprehensive financial plan. Preferred policies for this group may feature lower premiums and the ability to accumulate cash value. Providers targeting this segment often emphasize the benefit of locking in low rates at a younger age. The over-50 age group prefers burial insurance, with an increased focus on end-of-life planning. These individuals typically prefer policies that guarantee acceptance. Over 60 years, the need for burial insurance has become more prevalent, with increasing health issues, where people seek policies with immediate coverage or minimal waiting periods. People over 70 years prioritize burial insurance to alleviate potential financial burdens on their families. They prefer policies with fixed premiums and no expiration date. The coverage amount is a significant factor, as they require adequate funds for funeral expenses and possibly outstanding debts. For clients over 80, burial insurance becomes a critical concern. At this age, individuals search for policies that offer immediate benefits despite potentially higher premiums. They often have a more pressing concern for guaranteed coverage options, regardless of health conditions.
Regional Insights
The burial insurance market in the Americas, especially in North America, shows a robust performance attributed to the aging population and a strong awareness of life insurance products. In the United States and Canada, the market is characterized by a competitive landscape with a variety of products tailored to different consumer segments. Moreover, the increased prevalence of online distribution channels has made it easier for consumers to purchase burial insurance policies. The performance of the burial insurance market in the EMEA region is diverse. In Europe, the market is relatively mature, with a high penetration rate of life insurance products. The Middle East shows potential for market expansion, driven by economic growth and an increasing awareness of the benefits of insurance. In contrast, the African market is still nascent, with low insurance penetration rates, but presents long-term growth opportunities as economies develop and awareness increases. The APAC region demonstrates a dynamic and rapidly growing burial insurance market, with burgeoning middle-class populations, economic development, and improving financial literacy. Additionally, cultural attitudes towards death and the strong tradition of providing for one’s family after passing suggest a growing acceptance and need for burial insurance. Regulatory developments and the integration of technology in the insurance industry, such as mobile platforms and fintech, further enhance market accessibility and growth in the APAC region.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Burial Insurance Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Burial Insurance Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Burial Insurance Market, highlighting leading vendors and their innovative profiles. These include African Unity Life Ltd., Allianz Group, Assurity Benefits Group, Bsure Insurance Brokers Bloomfield SL, Caser Expatinsurance, CVS Health, Ethos Technologies Inc., Fidelity Life Association, Genlife, Gerber Life Insurance Company, Globe Life Inc., Metlife, Inc., Mutual of Omaha Insurance Company, New York Life Insurance Company, Policygenius Inc. by Zinnia, LLC, Protective Life Insurance Company, Prudential PLC, Sagicor Financial Corporation Limited, Sanlam Limited, State Farm Mutual Automobile Insurance Company, The Baltimore Life Insurance Company, The Savings Bank Mutual Life Insurance Company, Transamerica Corporation, TruStage Insurance, United Home Life Insurance Company, and Zurich Insurance Group.
Market Segmentation & Coverage
This research report categorizes the Burial Insurance Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Coverage Type
- Guaranteed Acceptance
- Level Death Benefit
- Modified or Graded Death Benefit
- Providers
- Agency
- Bancassurance
- Brokers
- Digital & Direct Channels
- End-user Age
- Below 50
- Over 50
- Over 60
- Over 70
- Over 80
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Burial Insurance Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Burial Insurance Market?
- What are the technology trends and regulatory frameworks in the Burial Insurance Market?
- What is the market share of the leading vendors in the Burial Insurance Market?
- Which modes and strategic moves are suitable for entering the Burial Insurance Market?
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