Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Burial Insurance Market Size is Expected to Grow from USD 278.58 Billion in 2023 to USD 491.81 Billion by 2033, at a CAGR 5.85% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Burial Insurance Market Size, Share, and COVID-19 Impact Analysis, By Coverage (Level Death Benefit, Guaranteed Acceptance, and Modified or Graded Death Benefit), By End Use (Over 50, Over 60,Over 70, and Over 80), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
The burial insurance market refers to the industry that offers policies designed to cover the costs associated with a person's funeral, burial, or cremation. The primary goal of burial insurance is to ease the financial burden on family members and loved ones by covering these end-of-life expenses. Several factors are driving the growth of the burial insurance market, including an aging population, rising funeral costs, increased awareness of end-of-life planning, and a desire to alleviate financial pressures on families. Individuals can customize their coverage based on their specific needs and preferences. However, the burial insurance market faces several challenges. These include limited awareness of the product, concerns about waiting periods, risks of misleading marketing practices, regulatory uncertainties, and high premiums largely due to the high-risk nature of the insured population. Additionally, many younger individuals perceive other insurance options as more suitable for managing final expenses.
The modified or graded death benefit segment is predicted to hold the largest market share through the forecast period.
Based on the coverage, the burial insurance market is classified into term level death benefit, guaranteed acceptance, and modified or graded death benefit. Among these, the modified or graded death benefit segment is predicted to hold the largest market share through the forecast period. This is due to its appeal to consumers seeking lower initial premiums combined with guaranteed coverage, burial insurance attracts individuals with health concerns or age-related risks by providing a safety net without immediate high costs. Additionally, the gradual increase in benefits over time meets the needs of policyholders looking for affordability while ensuring their loved ones receive a financial payout, driving demand in this segment.
The over 70 segment is anticipated to hold the highest market share during the projected timeframe.
Based on the end use, the burial insurance market is divided into over 50, over 60, over 70, and over 80. Among these, the over 70 segment is anticipated to hold the highest market share during the projected timeframe. This demographic increasingly seeks financial security and peace of mind regarding end-of-life expenses. As people in this age group prioritize planning for their final arrangements, the demand for burial insurance tailored to their specific needs is on the rise. Furthermore, with longer life expectancies, older individuals are becoming more proactive in addressing their burial costs, which further solidifies this segment's significant market presence.
North America is estimated to hold the largest share of the burial insurance market over the forecast period.
North America is estimated to hold the largest share of the burial insurance market over the forecast period. The demand for burial insurance is also driven by a combination of high consumer awareness and the prevalence of insurance products. The region features a well-established insurance infrastructure, making it easier for consumers to access various burial insurance options. Additionally, cultural attitudes toward end-of-life planning and a growing emphasis on financial preparedness contribute to the increasing demand for these policies, solidifying North America's leading position in the market.
Europe is expected to grow the fastest during the forecast period. Demographic shifts and increased awareness of the importance of financial planning for end-of-life expenses are driving this trend. As the population ages and more individuals recognize the financial burden that funerals can impose, there is a rising inclination to secure burial insurance. With advancements in product offerings and regulatory support for insurance providers in various European countries, market penetration is likely to enhance, fostering rapid growth in this sector.
Company Profiling
Major key players in the burial insurance market includes Royal Neighbors of America, State Farm, Gerber Life Insurance Company, Zurich Insurance, Globe Life, Mutual of Omaha, Fidelity Life Association, Allianz Life, Colonial Penn, The Baltimore Life, Generali, Ethos, Foresters Life Insurance and Annuity Company (acquired by Nassau Financial Group, L.P. also known as ‘Nassau’), New York Life Insurance, Lemonade, and Others.
Key Target Audience
Recent Development
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the burial insurance market based on the below-mentioned segments:
Global Burial Insurance Market, By Coverage
Global Burial Insurance Market, By End Use
Global Burial Insurance Market, By Regional Analysis
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