Burial Insurance Market Report 2024

The burial insurance market size has grown strongly in recent years. It will grow from $227.78 billion in 2023 to $263.63 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth during the historic period can be attributed to factors such as the increasing number of individuals, enhanced government initiatives, rising funeral costs, greater awareness of funeral expenses, and a higher demand for burial insurance plans.

The burial insurance market size is expected to see strong growth in the next few years. It will grow to $363.25 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth during the forecast period can be attributed to rising internet usage, a growing number of elderly individuals, an increasing prevalence of nuclear families, heightened competition and collaborations, and a rise in disposable income. Key trends anticipated for this period include advancements in insurance products, the addition of value-added services, the use of artificial intelligence (AI) and machine learning in underwriting, innovations in digital platforms, and continued technological progress.

The increasing costs associated with funerals are expected to drive the growth of the burial insurance market in the future. Funeral costs encompass the expenses involved in arranging and conducting a funeral or memorial service, including service fees, caskets, urns, and transportation. The rise in funeral costs is attributed to escalating prices for services, goods, and facilities, regulatory changes, inflation, and a growing demand for personalized or elaborate arrangements. Burial insurance policies are designed to address individual needs by providing financial coverage for specific funeral wishes and requirements. For example, in 2024, Sunlife, a UK-based financial services company, reported that the cost of funerals in the UK increased from $10,120 in 2022 to $10,623 in 2023. Consequently, the rising funeral costs are fueling the expansion of the burial insurance market.

Leading companies in the burial insurance sector are focusing on developing innovative policies, such as the myFuneral Plan, to offer comprehensive and tailored coverage options that address the diverse needs and preferences of their clients, ensuring financial security and peace of mind for families. The myFuneral Plan is designed to provide an all-inclusive and affordable solution for individuals and families to plan and finance their funeral expenses, thus ensuring financial stability during a challenging time. For instance, in July 2021, HIS (Hang Seng Index), a UK-based stock exchange company, introduced the myFuneral Plan. This plan covers funeral expenses related to death from natural causes, illness (including pandemics), and accidents. It is available to individuals and families from age 1 up to 68 years old.

In August 2021, Cuna Mutual Group, a US-based mutual insurance company specializing in financial services, acquired Assurant for an undisclosed amount. This acquisition is intended to enhance Cuna Mutual Group's ability to provide financial security and innovative solutions to credit unions and their members, addressing their specific challenges and needs. Assurant, a US-based company, specializes in offering burial insurance.

Major companies operating in the burial insurance market are Cigna Group, Zurich Insurance Group Ltd., Prudential Financial Inc., Aviva PLC, New York Life Insurance Co., Hannover Ruck SE, The Massachusetts Mutual Life Insurance Company, Sun Life Financial Inc., The Hartford Financial Services Group Inc., Manulife Financial Corporation, Assurant Inc., Allianz SE, Globe Life Inc., Legal & General Group, Sentinel Security Life Insurance Company, Colonial Penn Life Insurance Company, The Baltimore Life Insurance Company, Dignity Memorial, Choice Mutual, Fidelity Life Assurance Company Limited, Titan Casket, Sagicor Life Insurance Company.

North America was the largest region in the burial insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the burial insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the burial insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Burial insurance is a policy that covers expenses related to a person's funeral, burial, or cremation. Its main goal is to ease the financial burden on family members or loved ones by ensuring that end-of-life service costs are covered.

The primary types of burial insurance are simplified issue, guaranteed issue, and pre-need insurance. Simplified issue burial insurance offers a streamlined application process with fewer health questions and no medical exam. The typical end-users of burial insurance are individuals aged over 50, 60, 70, and 80, targeting groups such as seniors, low-income individuals, and middle-income individuals. These policies are available through various distribution channels, including insurance agents, direct sales, and online platforms.

The burial insurance market research report is one of a series of new reports that provides burial insurance market statistics, including burial insurance industry global market size, regional shares, competitors with a burial insurance market share, detailed burial insurance market segments, market trends, and opportunities, and any further data you may need to thrive in the burial insurance industry. This burial insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The burial insurance market includes revenues earned by entities through whole life burial insurance, term life burial insurance, guaranteed issue burial insurance, simplified issue burial insurance, and prepaid funeral plans. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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