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

[194 Pages Report] 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.

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.

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

• Coverage Type: Rising demand for modified or graded death benefit, offering balance between affordability and coverage

  Guaranteed acceptance burial insurance is known for having no medical exams or health questions as part of the application process. It is accessible to a broad range of applicants, including those with serious health issues that would typically prevent them from getting traditional insurance policies. It ensures that individuals will not be denied coverage regardless of their health status, thereby providing peace of mind to applicants who fear rejection due to pre-existing conditions. Level death benefit burial insurance coverage option usually requires answering some health questions and possibly a medical exam. The death benefit is fixed and does not change over time as long as premiums are paid. This policy is suited for people who want to lock in a rate that will not increase as they age. Modified or graded death benefit policies are designed for individuals with some health issues who might not qualify for level death benefit policies but do not require a guaranteed acceptance plan. These policies involve a waiting period before the full death benefit is payable.

• Providers: Growing preferences for digital channels due to convenience and speed of service

  Agencies are traditional channels for insurance distribution with a broad network of agents who offer personalized services to consumers. Agents build relationships with clients, provide expert advice, and assist with policy selection and claims management. Customers who prefer face-to-face interactions and require customized service with high levels of trust and personal attention may choose agencies. Bancassurance refers to the partnership between banks and insurance companies, whereby the bank sells the insurance company's burial policies to its customer base. Customers who already have a trusted relationship with a bank and appreciate the convenience of integrating their financial services may prefer this channel for purchasing burial insurance. Brokers are independent entities that serve as intermediaries between insurance providers and clients, offering a range of insurance products from different carriers. Customers looking for competitive pricing, multiple policy options, and impartial advice would likely engage with insurance brokers. Digital and direct channels offer burial insurance products through online platforms, allowing consumers to purchase policies without the intermediary of agents or brokers. Consumers who prefer quick, hassle-free insurance and are comfortable managing their insurance needs online might gravitate towards digital and direct channels.

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Burial Insurance Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

The value chain of the Burial Insurance Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of theBurial Insurance Market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

The regulatory framework analysis for the Burial Insurance Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

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.

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).

• 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. [Published On: October 04, 2023]

• 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. [Published On: April 25, 2023]

• 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. [Published On: March 23, 2023]

The report delves into recent significant developments in the Burial Insurance Market, highlighting leading vendors and their innovative profiles. These include Zurich Insurance Group, Genlife, Protective Life Insurance Company, Policygenius Inc. by Zinnia, LLC, The Savings Bank Mutual Life Insurance Company, The Baltimore Life Insurance Company, CVS Health, Gerber Life Insurance Company, State Farm Mutual Automobile Insurance Company, Allianz Group, Bsure Insurance Brokers Bloomfield SL, New York Life Insurance Company, Fidelity Life Association, African Unity Life Ltd., Mutual of Omaha Insurance Company, Globe Life Inc., Sagicor Financial Corporation Limited, Transamerica Corporation, Caser Expatinsurance, Sanlam Limited, United Home Life Insurance Company, TruStage Insurance, Ethos Technologies Inc., Prudential PLC, Metlife, Inc., and Assurity Benefits Group.

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

1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

1. What is the current market size and projected growth?
2. Which products, segments, applications, and regions offer promising investment opportunities?
3. What are the prevailing technology trends and regulatory frameworks?
4. What is the market share and positioning of the leading vendors?
5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?