Burial Insurance Market By Type (Simplified Issue, Guaranteed Issue, Pre-need Insurance), By Age of End User (Over 50, Over 60, Over 70, Over 80): Global Opportunity Analysis and Industry Forecast, 2023-2032
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 StakeholdersThe 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 SegmentsBy TypeSimplified Issue
Guaranteed Issue
Pre-need Insurance
By Age of End UserOver 50
Over 60
Over 70
Over 80
By RegionNorth 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
Please Note: It will take 7-10 business days to complete the report upon order confirmation.