Burial insurance, also known as funeral or final expense insurance, is a type of whole life insurance policy designed to cover funeral, burial, and other end-of-life expenses. It involves simplified underwriting processes compared to traditional life insurance policies. The application process usually requires answering a few basic health questions, while some policies may not require a medical exam. This streamlined underwriting allows individuals with certain health conditions or older age to secure coverage more easily.
One of the main drivers of the burial insurance market is an Increase in the aging population. As the population ages, the demand for funeral and burial services Increases. Burial insurance provides a way for individuals to plan and cover these expenses in advance, ensuring that their close ones are not burdened with financial obligations after their passing. Furthermore, many burial insurance companies have embraced online platforms and direct-to-consumer sales models. They provide user-friendly websites where customers can obtain quotes, compare policies, and apply for coverage online. This approach reduces the need for intermediaries and enables a more streamlined and convenient customer experience, which contribute to the growth of the burial insurance market. In addition, rise in funeral costs and ease of access and affordability of burial insurance policies drives the growth of the market. However, limited awareness & understanding and underwriting & eligibility requirements are some of the factors that hamper the burial insurance market growth. On the contrary, an Increase in awareness and acceptance has played a crucial role in providing lucrative opportunities for the growth of the burial insurance market. Further, the insurance industry, Including burial insurance, has embraced technological advancements and digital distribution channels. Insurers now offer online platforms and mobile applications that simplify the policy purchase process, facilitate quick quotes, and provide easy access to information. These digital innovations have made burial insurance more convenient and accessible to consumers, attracting new customers.
The burial insurance market is segmented into type, age of end user, and region. By type, the market is divided into simplified issue, guaranteed issue, and pre-need insurance. Depending on the age of end user, it is fragmented into over 50, over 60, over 70, and over 80. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The burial insurance market analysis Includes top companies operating in the market such as Choice Mutual, Colonial Penn, Fidelity Life Association, Foresters Financial, Globe Life and Accident Insurance Company, Mutual of Omaha Insurance Company, Progressive Casualty Insurance Company, Sentinel Security Life Inc., State Farm Mutual Automobile Insurance Company, and The Baltimore Life Insurance Company. These players have adopted various strategies to Increase their market penetration and strengthen their position in the accounting and budgeting software industry.
Key Benefits for Stakeholders
One of the main drivers of the burial insurance market is an Increase in the aging population. As the population ages, the demand for funeral and burial services Increases. Burial insurance provides a way for individuals to plan and cover these expenses in advance, ensuring that their close ones are not burdened with financial obligations after their passing. Furthermore, many burial insurance companies have embraced online platforms and direct-to-consumer sales models. They provide user-friendly websites where customers can obtain quotes, compare policies, and apply for coverage online. This approach reduces the need for intermediaries and enables a more streamlined and convenient customer experience, which contribute to the growth of the burial insurance market. In addition, rise in funeral costs and ease of access and affordability of burial insurance policies drives the growth of the market. However, limited awareness & understanding and underwriting & eligibility requirements are some of the factors that hamper the burial insurance market growth. On the contrary, an Increase in awareness and acceptance has played a crucial role in providing lucrative opportunities for the growth of the burial insurance market. Further, the insurance industry, Including burial insurance, has embraced technological advancements and digital distribution channels. Insurers now offer online platforms and mobile applications that simplify the policy purchase process, facilitate quick quotes, and provide easy access to information. These digital innovations have made burial insurance more convenient and accessible to consumers, attracting new customers.
The burial insurance market is segmented into type, age of end user, and region. By type, the market is divided into simplified issue, guaranteed issue, and pre-need insurance. Depending on the age of end user, it is fragmented into over 50, over 60, over 70, and over 80. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The burial insurance market analysis Includes top companies operating in the market such as Choice Mutual, Colonial Penn, Fidelity Life Association, Foresters Financial, Globe Life and Accident Insurance Company, Mutual of Omaha Insurance Company, Progressive Casualty Insurance Company, Sentinel Security Life Inc., State Farm Mutual Automobile Insurance Company, and The Baltimore Life Insurance Company. These players have adopted various strategies to Increase their market penetration and strengthen their position in the accounting and budgeting software industry.
Key Benefits for Stakeholders
- The study provides in-depth analysis of the burial insurance market along with current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the burial insurance market size are provided in the report.
- The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the burial insurance market from 2022 to 2032 is provided to determine the market potential.
Key Market Segments
By Type
- Simplified Issue
- Guaranteed Issue
- Pre-need Insurance
By Age of End User
- Over 50
- Over 60
- Over 70
- Over 80
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Choice Mutual
- Colonial Penn
- Fidelity Life Association
- Foresters Financial
- Globe Life and Accident Insurance Company
- Mutual of Omaha Insurance Company
- Progressive Casualty Insurance Company
- Sentinel Security Life Inc.
- State Farm Mutual Automobile Insurance Company
- The Baltimore Life Insurance Company
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BURIAL INSURANCE MARKET, BY TYPE
CHAPTER 5: BURIAL INSURANCE MARKET, BY AGE OF END USER
CHAPTER 6: BURIAL INSURANCE MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Burial Insurance Market,' The burial insurance market was valued at $142.89 billion in 2022, and is estimated to reach $370.1 billion by 2032, growing at a CAGR of 10.3% from 2023 to 2032.The Burial Insurance Market is likely to experience a significant growth rate of 10.3% from 2022-2032 owing to the increase in the aging population, and rising funeral costs.
Burial insurance, also known as final expense insurance or funeral insurance, is a type of life insurance specifically designed to cover the costs associated with a person's funeral, burial, and other end-of-life expenses. It provides financial assistance to the policyholder's close ones to alleviate the burden of funeral expenses during an already difficult time. Furthermore, the burial insurance market caters to individuals who want to ensure that their funeral expenses are taken care of, so their close ones are not burdened with financial responsibility. It is particularly popular among seniors who may not have substantial savings or life insurance coverage to cover funeral costs.
The aging population is one of the key factors driving the demand for the burial insurance market. The need for funeral and burial services grows as the population ages. Burial insurance gives people a method to foresee and pay for these costs, making sure that relatives and close ones are not left with financial burdens after their departure. Furthermore, an increasing number of burial insurance providers are currently employing direct-to-consumer sales techniques and online platforms. They offer user-friendly websites where clients may request prices, evaluate plans, and submit online applications for coverage. This strategy eliminates the need for intermediaries and makes it possible for customers to have a more streamlined and convenient experience, which supports the expansion of the burial insurance market. The market is expanding due to the rising expense of funerals as well as the accessibility and affordability of burial insurance coverage. However, underwriting and eligibility limitations hinder the expansion of the burial insurance market. On the contrary, an increase in awareness and acceptance has played a crucial role in providing lucrative opportunities for the growth of the burial insurance market. Further, the insurance industry, including burial insurance, has embraced technological advancements and digital distribution channels. Insurers now offer online platforms and mobile applications that simplify the policy purchase process, facilitate quick quotes, and provide easy access to information. These digital innovations have made burial insurance more convenient and accessible to consumers, attracting new customers.
Furthermore, burial insurance companies strive to offer competitive pricing while providing attractive policy features. This may include features such as guaranteed acceptance, level premiums, cash value accumulation, accelerated death benefits, or family discount options. By offering compelling features and pricing, companies can differentiate themselves in the market and attract customers. Moreover, many burial insurance companies have embraced online platforms and direct-to-consumer sales models. They provide user-friendly websites where customers can obtain quotes, compare policies, and apply for coverage online. This approach reduces the need for intermediaries and enables a more streamlined and convenient customer experience. Therefore, these factors provide major growth opportunities for market.
The market also offers growth opportunities to the key players in the market. Key players are adopting strategies to strengthen their market positions in the burial insurance industry, including new technology adoption, product developments, mergers and acquisitions, joint ventures, alliances, and partnerships. For instance, in June 2023, Vodacom Lesotho launched a new funeral insurance offering dubbed Mpate Sheleng Funeral Cover. The product comes with features that allow users to choose between paying their insurance premiums weekly or monthly, at the convenience of their homes. The product is offered in partnership with Alliance Insurance as the underwriter.
The burial insurance market is segmented into type, age of end user, and region. By type, the market is divided into simplified issue, guaranteed issue, and pre-need insurance. Depending on the age of end user, it is fragmented into over 50, over 60, over 70, and over 80. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study are Choice Mutual, Colonial Penn, Fidelity Life Association, Foresters Financial, Globe Life and Accident Insurance Company, Mutual of Omaha Insurance Company, Progressive Casualty Insurance Company, Sentinel Security Life Inc., State Farm Mutual Automobile Insurance Company, and The Baltimore Life Insurance Company. The players in the market have been actively engaged in the adoption of various strategies such as business expansion, product launch, collaboration, and partnership to remain competitive and gain an advantage over the competitors in the market. For instance, in April 2023, Letshego Lesotho (a subsidiary of Letshego Holdings Limited) partnered with the underwriter, Alliance Insurance Company to launch their affordable family funeral insurance product, called ‘Sekhele Funeral Plan’. The Sekhele Funeral Plan offers more customer value in terms of additional benefits such as tombstone, and body repatriation.
Key Market Insights
- By type, the guaranteed issue segment was the highest revenue contributor to the market and is estimated to be the fastest-growing segment with a CAGR of 11.9% during the forecast period.
- By age of end user, the over 70 segment was the highest revenue contributor to the market, and is estimated to reach $115.78 billion by 2032, with a CAGR of 8.7%. However, the over 50 segment is estimated to be the fastest-growing segment with a CAGR of 12.5% during the forecast period.
- Based on region, North America was the highest revenue contributor, accounting for $57.83 billion in 2022, and is estimated to reach $118.62 billion by 2032, with a CAGR of 7.7%. However, Asia-Pacific is estimated to be the fastest-growing region with a CAGR of 14.8% during the forecast period.
Companies Mentioned
- Choice Mutual
- Colonial Penn
- Fidelity Life Association
- Foresters Financial
- Globe Life and Accident Insurance Company
- Mutual of Omaha Insurance Company
- Progressive Casualty Insurance Company
- Sentinel Security Life Inc.
- State Farm Mutual Automobile Insurance Company
- The Baltimore Life Insurance Company
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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