PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1791551
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1791551
Global Burial Insurance Market to Reach US$434.9 Billion by 2030
The global market for Burial Insurance estimated at US$317.2 Billion in the year 2024, is expected to reach US$434.9 Billion by 2030, growing at a CAGR of 5.4% over the analysis period 2024-2030. Modified / Graded Death Benefit, one of the segments analyzed in the report, is expected to record a 6.3% CAGR and reach US$207.0 Billion by the end of the analysis period. Growth in the Level Death Benefit segment is estimated at 5.2% CAGR over the analysis period.
The U.S. Market is Estimated at US$83.4 Billion While China is Forecast to Grow at 5.2% CAGR
The Burial Insurance market in the U.S. is estimated at US$83.4 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$69.5 Billion by the year 2030 trailing a CAGR of 5.2% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.9% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR.
Global Burial Insurance Market - Key Trends & Drivers Summarized
Why Is Burial Insurance Gaining Popularity?
Burial insurance, also known as final expense insurance, is becoming an essential financial tool for individuals and families seeking to cover end-of-life expenses without placing a financial burden on their loved ones. With rising funeral costs and increasing awareness about financial planning, more people are investing in burial insurance policies as a means of ensuring a dignified farewell. The aging global population, particularly in regions with higher life expectancy, is driving demand for these insurance plans. Additionally, burial insurance is appealing to individuals who may not qualify for traditional life insurance due to age or health conditions. The simplicity of policy issuance, often requiring no medical exams and minimal paperwork, is further fueling market growth. As financial literacy improves worldwide, burial insurance is being recognized as an essential component of estate planning and personal financial security.
How Are Technological Innovations Transforming Burial Insurance Services?
The digitalization of the insurance industry is significantly improving access to and management of burial insurance policies. Online policy comparison tools, AI-powered underwriting, and blockchain-based contracts are streamlining the customer experience. Insurtech companies are leveraging artificial intelligence to provide instant policy approvals, while automated claims processing ensures faster payouts to beneficiaries. Mobile apps and digital platforms now allow policyholders to manage their plans, update beneficiaries, and pay premiums with ease. Additionally, predictive analytics and big data are being used to personalize burial insurance offerings, tailoring policies to individual financial needs and health conditions. As insurance companies embrace digital transformation, burial insurance is becoming more accessible and efficient, catering to a broader range of consumers globally.
Which Consumer Segments Are Driving the Adoption of Burial Insurance?
The primary consumers of burial insurance policies include senior citizens, low-to-middle-income families, and individuals with pre-existing health conditions. Senior citizens, particularly those without substantial life insurance coverage, are opting for burial insurance as a way to ensure that funeral expenses are covered. Low-to-middle-income families are increasingly purchasing these policies as an affordable alternative to traditional life insurance, providing financial security in times of bereavement. The market is also witnessing growing interest from younger demographics, who are recognizing the long-term benefits of early financial planning. Additionally, funeral service providers and financial advisors are playing a crucial role in promoting burial insurance by educating clients on the costs associated with end-of-life arrangements. As awareness grows, burial insurance is becoming a preferred option for securing final expenses across various demographic segments.
What Factors Are Fueling Market Growth?
The growth in the burial insurance market is driven by several factors, including the rising costs of funeral services, increasing financial awareness, and advancements in digital insurance platforms. The growing senior population is expanding the customer base for burial insurance providers, while the ease of policy issuance is attracting individuals with health concerns. The proliferation of online insurance platforms is enhancing policy accessibility, allowing consumers to compare plans and make informed decisions. Additionally, government regulations promoting financial inclusion and consumer protection in the insurance sector are fostering market stability. The emergence of subscription-based funeral insurance plans and bundled insurance products is further diversifying offerings in the industry. As financial planning becomes a global priority, burial insurance is expected to witness steady growth, ensuring peace of mind for policyholders and their families.
SCOPE OF STUDY:
The report analyzes the Burial Insurance market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Coverage (Modified/Graded Death Benefit, Level Death Benefit, Guaranteed Acceptance); End-Use (Over 50 Years End-Use, Over 60 Years End-Use, Over 70 Years End-Use, Over 80 Years End-Use)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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