Burial Insurance

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.

Select Competitors (Total 42 Featured) -

• Americo Financial Life and Annuity Insurance Company (Americo)
• Assurity Life Insurance Company
• Colonial Penn Life Insurance Company
• Fidelity Life Association
• Gerber Life Insurance Company
• Globe Life Inc.
• Lemonade Insurance Agency, LLC
• Luminary Life
• Mutual of Omaha Insurance Company
• New York Life Insurance Company
• State Farm Insurance
• The Baltimore Life Insurance Company
• Transamerica Corporation
• United Home Life Insurance Company

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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