Burial Insurance Market by Coverage Type (Guaranteed Acceptance, Level Death Benefit, Modified or Graded Death Benefit), Providers (Agency, Bancassurance, Brokers), End-user Age - Global Forecast 2024-2030

Burial Insurance Market by Coverage Type (Guaranteed Acceptance, Level Death Benefit, Modified or Graded Death Benefit), Providers (Agency, Bancassurance, Brokers), End-user Age - Global Forecast 2024-2030

The Burial Insurance Market size was estimated at USD 142.10 billion in 2023 and expected to reach USD 153.55 billion in 2024, at a CAGR 8.26% to reach USD 247.77 billion by 2030.

Burial insurance, also known as final expense insurance is a type of life insurance policy that covers the costs associated with end-of-life expenses, predominantly funeral arrangements, and burial expenses. Unlike traditional life insurance, which provides a broad range of financial protection to the beneficiaries, burial insurance offers a smaller benefit amount aimed specifically at ensuring that funeral costs do not become a financial burden on families. Premiums for burial insurance tend to be affordable, and the policies are tailored for ease of qualification, often with no required medical examination. An aging population increases the demand for burial insurance, coupled with rising funeral costs, making pre-planning more attractive. Also, the growing awareness of the financial burden associated with funerals is pushing more individuals to secure burial insurance policies, expanding the scope of the burial insurance market. However, the perception of burial insurance as an unnecessary expense among the population acts as a restraining factor for the market. Despite the restraining factors, technology adoption presents an opportunity to streamline processes and enhance customer experience. Lastly, partnerships with funeral service providers could create a more integrated approach to end-of-life planning, tapping into new customer segments.

Regional Insights

The burial insurance market in the Americas, especially in North America, shows a robust performance attributed to the aging population and a strong awareness of life insurance products. In the United States and Canada, the market is characterized by a competitive landscape with a variety of products tailored to different consumer segments. Moreover, the increased prevalence of online distribution channels has made it easier for consumers to purchase burial insurance policies. The performance of the burial insurance market in the EMEA region is diverse. In Europe, the market is relatively mature, with a high penetration rate of life insurance products. The Middle East shows potential for market expansion, driven by economic growth and an increasing awareness of the benefits of insurance. In contrast, the African market is still nascent, with low insurance penetration rates, but presents long-term growth opportunities as economies develop and awareness increases. The APAC region demonstrates a dynamic and rapidly growing burial insurance market, with burgeoning middle-class populations, economic development, and improving financial literacy. Additionally, cultural attitudes towards death and the strong tradition of providing for one's family after passing suggest a growing acceptance and need for burial insurance. Regulatory developments and the integration of technology in the insurance industry, such as mobile platforms and fintech, further enhance market accessibility and growth in the APAC region.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Burial Insurance Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Increasing Percentage of Geriatric Population
    • Rising Funeral and Burial Related Expenses
    • Market Restraints
      • Limited Awareness of Burial Insurance and Concerns Regarding the Waiting Period of Insurance
      • Market Opportunities
        • Government Initiatives to Encourage the Adoption of Burial Insurances
        • Implementing Product Bundling and Expanding Consumer Base on Digital Platforms
        • Market Challenges
          • Changes in Regulatory Policies Coupled With Issues Regarding Misleading Marketing
          • Market Segmentation Analysis
            • Coverage Type: Rising demand for modified or graded death benefit, offering balance between affordability and coverage
            • Providers: Growing preferences for digital channels due to convenience and speed of service
            • End-user Age: Emphasis on coverage assurance and immediacy by over 70 and 80 age group
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Burial Insurance Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Burial Insurance Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Stanbic IBTC Insurance Launches Comprehensive Funeral Expenses Cover
              
              Letshego Lesotho, a division of the Letshego Group, has collaborated with Alliance Insurance Company to introduce the Sekhele Funeral Plan, providing a cost-effective solution for families in Lesotho facing the high costs of funerals. With plans starting at a modest M41 monthly premium, the Sekhele Funeral Plan offers customizable coverage options and a comprehensive family plan that safeguards against financial distress following a loved one's passing.
              
              Letshego Lesotho Launches Their New Sekhele Funeral Plan Through Their Partnership with Alliance Insurance Company
              
              Stanbic IBTC Insurance Limited introduces the Sunset Benefit Plan, a burial insurance product designed to alleviate the financial strain of funeral costs and provide substantial support during times of grief. Boasting a flexible coverage that extends to spouses and elders, with entry ages capped at 75 years, the plan is uniquely attentive to policyholder needs. Notably, the plan features an innovative cashback incentive, returning a full year's premium every five years under no-claim conditions and timely payments up to age 70.
              
              Low-Cost Hospital Cash Insurance Product With Funeral Benefits Launched in Uganda
              
              Airtel Mobile Commerce Uganda Limited (AMCUL) has joined forces with Prudential Assurance Uganda Limited and Turaco Insurance Brokers LTD to introduce ‘Hospital Sente,’ a cost-effective hospital and funeral cash insurance product in Uganda. Hospital Sente is tailored to relieve the financial stress linked to hospitalization and funeral expenses for Airtel customers. Leveraging Airtel's mobile money platform and backed by Prudential Uganda's underwriting, the service portrays AMCUL's dedication to affordable coverage.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Burial Insurance Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Burial Insurance Market, highlighting leading vendors and their innovative profiles. These include African Unity Life Ltd., Allianz Group, Assurity Benefits Group, Bsure Insurance Brokers Bloomfield SL, Caser Expatinsurance, CVS Health, Ethos Technologies Inc., Fidelity Life Association, Genlife, Gerber Life Insurance Company, Globe Life Inc., Metlife, Inc., Mutual of Omaha Insurance Company, New York Life Insurance Company, Policygenius Inc. by Zinnia, LLC, Protective Life Insurance Company, Prudential PLC, Sagicor Financial Corporation Limited, Sanlam Limited, State Farm Mutual Automobile Insurance Company, The Baltimore Life Insurance Company, The Savings Bank Mutual Life Insurance Company, Transamerica Corporation, TruStage Insurance, United Home Life Insurance Company, and Zurich Insurance Group.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Burial Insurance Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Coverage Type
              • Guaranteed Acceptance
              • Level Death Benefit
              • Modified or Graded Death Benefit
              • Providers
                • Agency
                • Bancassurance
                • Brokers
                • Digital & Direct Channels
                • End-user Age
                  • Below 50
                  • Over 50
                  • Over 60
                  • Over 70
                  • Over 80
                  • Region
                    • Americas
                      • Argentina
                      • Brazil
                      • Canada
                      • Mexico
                      • United States
                        • California
                        • Florida
                        • Illinois
                        • New York
                        • Ohio
                        • Pennsylvania
                        • Texas
                        • Asia-Pacific
                          • Australia
                          • China
                          • India
                          • Indonesia
                          • Japan
                          • Malaysia
                          • Philippines
                          • Singapore
                          • South Korea
                          • Taiwan
                          • Thailand
                          • Vietnam
                          • Europe, Middle East & Africa
                            • Denmark
                            • Egypt
                            • Finland
                            • France
                            • Germany
                            • Israel
                            • Italy
                            • Netherlands
                            • Nigeria
                            • Norway
                            • Poland
                            • Qatar
                            • Russia
                            • Saudi Arabia
                            • South Africa
                            • Spain
                            • Sweden
                            • Switzerland
                            • Turkey
                            • United Arab Emirates
                            • United Kingdom
                            
                            
                            Please Note: PDF & Excel + Online Access - 1 Year