Burial Insurance Market by Coverage Type, Providers, End-user Age

List of Tables

[188 Pages Report] The Burial Insurance Market size was estimated at USD 131.58 billion in 2022 and expected to reach USD 142.10 billion in 2023, at a CAGR 8.23% to reach USD 247.77 billion by 2030.

Global Burial Insurance Market

KEY MARKET STATISTICS
Base Year [2022]	USD 131.58 billion
Estimated Year [2023]	USD 142.10 billion
Forecast Year [2030]	USD 247.77 billion
CAGR (%)	8.23%

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.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Burial Insurance Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis 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: 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 examination of the current state of vendors in the Burial Insurance Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. 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 this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

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

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Burial Insurance Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Burial Insurance Market?

3. What are the technology trends and regulatory frameworks in the Burial Insurance Market?

4. What is the market share of the leading vendors in the Burial Insurance Market?

5. Which modes and strategic moves are suitable for entering the Burial Insurance Market?

Product Code: MRR-205091A887D4

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Limitations
1.7. Assumptions
1.8. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

4.1. Introduction
4.2. Burial Insurance Market, by Region

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing Percentage of Geriatric Population
  - 5.1.1.2. Rising Funeral and Burial Related Expenses
- 5.1.2. Restraints
  - 5.1.2.1. Limited Awareness of Burial Insurance and Concerns Regarding the Waiting Period of Insurance
- 5.1.3. Opportunities
  - 5.1.3.1. Government Initiatives to Encourage the Adoption of Burial Insurances
  - 5.1.3.2. Implementing Product Bundling and Expanding Consumer Base on Digital Platforms
- 5.1.4. Challenges
  - 5.1.4.1. Changes in Regulatory Policies Coupled With Issues Regarding Misleading Marketing
5.2. Market Segmentation Analysis
- 5.2.1. Coverage Type: Rising demand for modified or graded death benefit, offering balance between affordability and coverage
- 5.2.2. Providers: Growing preferences for digital channels due to convenience and speed of service
- 5.2.3. End-user Age: Emphasis on coverage assurance and immediacy by over 70 and 80 age group
5.3. Market Trend Analysis
5.4. Cumulative Impact of COVID-19
5.5. Cumulative Impact of Russia-Ukraine Conflict
5.6. Cumulative Impact of High Inflation
5.7. Porter's Five Forces Analysis
- 5.7.1. Threat of New Entrants
- 5.7.2. Threat of Substitutes
- 5.7.3. Bargaining Power of Customers
- 5.7.4. Bargaining Power of Suppliers
- 5.7.5. Industry Rivalry
5.8. Value Chain & Critical Path Analysis
5.9. Regulatory Framework
5.10. Client Customization

6. Burial Insurance Market, by Coverage Type

6.1. Introduction
6.2. Guaranteed Acceptance
6.3. Level Death Benefit
6.4. Modified or Graded Death Benefit

7. Burial Insurance Market, by Providers

7.1. Introduction
7.2. Agency
7.3. Bancassurance
7.4. Brokers
7.5. Digital & Direct Channels

8. Burial Insurance Market, by End-user Age

8.1. Introduction
8.2. Below 50
8.3. Over 50
8.4. Over 60
8.5. Over 70
8.6. Over 80

9. Americas Burial Insurance Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Burial Insurance Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Burial Insurance Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. FPNV Positioning Matrix
12.2. Market Share Analysis, By Key Player
12.3. Competitive Scenario Analysis, By Key Player
- 12.3.1. New Product Launch & Enhancement
  - 12.3.1.1. Stanbic IBTC Insurance Launches Comprehensive Funeral Expenses Cover
  - 12.3.1.2. Letshego Lesotho Launches Their New Sekhele Funeral Plan Through Their Partnership with Alliance Insurance Company
  - 12.3.1.3. Low-Cost Hospital Cash Insurance Product With Funeral Benefits Launched in Uganda

13. Competitive Portfolio

13.1. Key Company Profiles
- 13.1.1. African Unity Life Ltd.
- 13.1.2. Allianz Group
- 13.1.3. Assurity Benefits Group
- 13.1.4. Bsure Insurance Brokers Bloomfield SL
- 13.1.5. Caser Expatinsurance
- 13.1.6. CVS Health
- 13.1.7. Ethos Technologies Inc.
- 13.1.8. Fidelity Life Association
- 13.1.9. Genlife
- 13.1.10. Gerber Life Insurance Company
- 13.1.11. Globe Life Inc.
- 13.1.12. Metlife, Inc.
- 13.1.13. Mutual of Omaha Insurance Company
- 13.1.14. New York Life Insurance Company
- 13.1.15. Policygenius Inc. by Zinnia, LLC
- 13.1.16. Protective Life Insurance Company
- 13.1.17. Prudential PLC
- 13.1.18. Sagicor Financial Corporation Limited
- 13.1.19. Sanlam Limited
- 13.1.20. State Farm Mutual Automobile Insurance Company
- 13.1.21. The Baltimore Life Insurance Company
- 13.1.22. The Savings Bank Mutual Life Insurance Company
- 13.1.23. Transamerica Corporation
- 13.1.24. TruStage Insurance
- 13.1.25. United Home Life Insurance Company
- 13.1.26. Zurich Insurance Group
13.2. Key Product Portfolio

14. Appendix

14.1. Discussion Guide
14.2. License & Pricing