Burial Insurance Market Report 2026

The burial insurance market size has grown strongly in recent years. It will grow from $285.12 billion in 2025 to $308.5 billion in 2026 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to aging population demographics, rising funeral and burial costs, increased awareness of end-of-life financial planning, expansion of insurance agent networks, growth of simplified underwriting models.

The burial insurance market size is expected to see strong growth in the next few years. It will grow to $421.61 billion in 2030 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to increasing adoption of digital insurance platforms, rising demand for customized burial plans, expansion of direct-to-consumer insurance models, growing focus on financial inclusion, advancements in automated underwriting technologies. Major trends in the forecast period include increasing adoption of simplified digital policy issuance, rising use of online burial insurance distribution channels, growing demand for affordable final expense coverage, expansion of pre-need insurance planning solutions, enhanced focus on faster claims settlement.

The increasing cost of funerals is expected to drive the growth of the burial insurance market in the coming years. Funeral costs include expenses related to organizing and conducting funeral or memorial services, such as service fees, caskets, urns, transportation, and related arrangements. These costs have been rising due to higher prices for services and facilities, regulatory requirements, inflation, and growing demand for more personalized or elaborate funeral services. Burial insurance policies are designed to address these rising expenses by ensuring that individuals’ funeral preferences and financial obligations are adequately covered. For example, in 2024, according to a report published by Sun Life, a UK-based financial services company, funeral costs in the UK increased from $10,120 in 2022 to $10,623 in 2023. Therefore, escalating funeral expenses are contributing to the expansion of the burial insurance market.

Major companies operating in the burial insurance market are increasingly focused on developing innovative funeral cash plans to provide timely financial assistance for funeral-related expenses. A funeral cash plan typically offers a lump-sum payout that beneficiaries can use to cover funeral costs, helping ease the financial burden during difficult times. For instance, in March 2024, Diaspora Insurance, a UK-based insurance and risk management provider, launched an innovative group funeral insurance product tailored for diaspora communities. This cost-effective and comprehensive plan includes life, health, and group funeral coverage designed to meet the specific needs of these communities. With features such as rapid payouts, flexible premium options, and a simplified claims process, the plan ensures essential financial support is available when it is most needed.

In June 2025, Federal Life Insurance Company, a US-based provider of life insurance and annuity services, acquired Texas Service Life Insurance Company for an undisclosed amount. Through this acquisition, Federal Life aimed to strengthen its position in the preneed and funeral expense insurance segment while expanding its portfolio to include burial, final expense, and pre-arranged funeral insurance products. Texas Service Life Insurance Company is a US-based preneed funeral insurance provider specializing in pre-need life and funeral expense insurance policies.

Major companies operating in the burial insurance market are Colonial Penn Life Insurance Company, Sentinel Security Life Insurance Company, The Baltimore Life Insurance Company, Globe Life Inc, Fidelity Life Assurance Company Limited, Sagicor Life Insurance Company, Mutual of Omaha Insurance Company, AIG American General Life Insurance Company, Foresters Financial, Gerber Life Insurance Company, Transamerica Life Insurance Company, Aetna Life Insurance Company, Lincoln Heritage Life Insurance Company, Royal Neighbors of America, Prosperity Life Group, Americo Financial Life and Annuity Insurance Company, United Home Life Insurance Company, Western and Southern Life Insurance Company, Equitable Financial Life Insurance Company, Security National Life Insurance Company.

North America was the largest region in the burial insurance market in 2025. 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, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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