Burial Insurance Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

In recent decades, funeral expenses have seen an exponential rise, accompanied by a growing prevalence of life-threatening health conditions due to unhealthy lifestyles and environmental changes. These factors have contributed significantly to the increasing number of deaths across various age groups, prompting people to actively plan for respectful and appropriate funerals for their family members. Consequently, the demand for burial insurance has soared worldwide, driven by the need to ensure that loved ones receive dignified funerals. Supportive government policies have further facilitated the purchase of comprehensive health, life, and death insurance policies, fueling the sound growth of the global burial insurance market.

Increasing Awareness of Burial Insurance Drives Market Growth

The awareness of burial insurance has surged in several developed and developing economies, driven by the escalating costs of funerals. Many individuals are now planning for respectful funerals for their close family members and loved ones by opting for comprehensive burial insurance policies. The rising cost of end-of-life expenses, average funeral costs, and declining overall income rates have significantly increased the demand for such policies among the masses. In this business environment, the global burial insurance market is expected to witness substantial growth in the forecast period.

High Incidence of Chronic Diseases Propels Burial Insurance Market

The past few decades have witnessed a staggering increase in the occurrence of chronic illnesses, including cardiovascular diseases, cancer, diabetes, high blood pressure (BP), and atherosclerosis. These conditions substantially reduce patient life expectancy and overall health, often causing severe pain or discomfort. Sedentary lifestyles and unhealthy diets have further worsened these health trends. Additionally, the rise in the number of individuals with genetic anomalies contributes significantly to overall mortality statistics. In such a business landscape, the global burial insurance market is expected to grow, driven by the increasing fatalities resulting from these health conditions.

North America Dominates Burial Insurance Market with Supportive Government Norms

North America leads the burial insurance market in terms of revenue share, benefiting from its well-established insurance ecosystem. Key economies such as the USA offer many insurance firms providing comprehensive life, health, and death insurance. Stringent government policies around insurance mandate comprehensive coverage, which has helped reduce overall funeral costs and fostered demand for burial insurance policies. These government policies are evolving to extend coverage and affordability, maintaining the strong growth momentum of the market.

Most Influential Players in the Global Burial Insurance Market

Some of the most active entities in the global burial insurance market include Foresters Financial Services Inc., Gerber Life Insurance Company, AARP, Globe Life and Accident Insurance Company, Mutual of Omaha Insurance Company, The American Automobile Association Inc., Colonial Penn, Royal Neighbors of America, Metlife, Inc., and Fidelity Life Association. These market players play a pivotal role in providing comprehensive burial insurance solutions to meet the evolving needs of customers.