Burial Insurance Market Report 2025

This Burial Insurance market report provides a comprehensive analysis of the market’s characteristics, size, and growth, including segmentation, regional and country-level breakdowns, competitive landscape, market shares, trends, and strategies. It also tracks historical and forecasted market growth across various geographies.

The burial insurance market size has grown strongly in recent years. It will grow from $263.63 billion in 2024 to $286.31 billion in 2025 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to increase in the number of persons, rising government initiatives, rise in funeral costs customization, increasing awareness of funeral expenses, and increase in 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 $393.23 billion in 2029 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to rising internet usage, increasing number of elderly individuals, increasing in the number of nuclear families, growing competition and related collaboration, and increase in disposable income. Major trends in the forecast period include advancements in insurance products, integration of value-added services, use of artificial intelligence (AI) and machine learning in underwriting processes, innovations in digital platforms, and technological advancements.

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 market are focusing on creating funeral cash plans to offer immediate financial support for funeral costs. A funeral cash plan provides a lump sum payment to cover funeral expenses, offering beneficiaries quick financial relief. For example, in March 2024, Diaspora Insurance, a UK-based insurance and risk management company, launched an innovative group funeral insurance plan tailored for diaspora communities. This comprehensive, cost-effective plan includes life, health, and group funeral insurance, specifically designed to meet the unique needs of diaspora groups. With prompt payouts, flexible premiums, and an efficient claims process, this insurance offers critical financial support for funeral expenses when it’s most needed.

In December 2022, Octopus Group, a UK-based holding company operating in real estate, energy, venture capital, and investment management, acquired Guardian Angel for an undisclosed sum. This acquisition aims to expand Octopus Group’s services in end-of-life planning and financial management. Guardian Angel, a UK-based company, provides end-of-life planning services, including funeral and insurance solutions.

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 2024. 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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