Burial Insurance Market Size, Share And Analysis By Coverage Type (Simplified Issue, Guaranteed Issue, Pre-Need Insurance), By End-User (Over 50, Over 60, Over 70, Over 80) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Burial insurance, also called funeral or end-of-life insurance, is a type of life insurance intended to cover funeral, burial, and other end-of-life expenses. It can also be used to pay off debts such as medical bills, mortgages, and credit card bills, at the beneficiary's discretion. The introduction of new policies by the key players in the market is leading to rising awareness among the general population. For instance, in December 2020, Chubb collaborated with Brazilian neobank Nubank is planning to a launch digital life insurance offering in Brazil. Basic coverage for this offer includes natural or accidental death and funeral benefits. Thus, burial insurance is critical since many people are entering their elderly years and approaching retirement with insufficient funds.
The burial insurance market is driven by rising adoption of burial insurance policies due to high cost of funeral services. According to the 2020 NFDA Cremation and Burial Report, cremation rates are projected to reach 56.0% in 2020 and more than 63.0% by 2025. Prices will continue to rise as more consumers opt for cremation.
Moreover, the rising demand for burial insurance policies due to rising government initiatives is driving the market growth.
Impact Of COVID-19 On Burial Insurance Market
The COVID-19 pandemic is expected to boost the growth of the global burial insurance market during the forecast period due to the death rate has increased during the COVID-19 and increasing cost of burial and funeral expenses. In addition, Moreover, the government is implementing coverage plans for funeral assistance.
- In June 2022, the Federal Emergency Management Agency (FEMA) offered funeral assistance funding for people to cover funeral costs who died of COVID-19.
Key Insights
The report will cover the following key insights:
- Impact of COVID-19 on the Burial Insurance Market.
- Key Mergers, Acquisitions, and Partnerships.
- Reimbursement Scenario of the Burial Insurance in Key Countries.
Analysis By Coverage Type
The simplified issue segment is expected to drive the market. The simplified coverage does not require any medical exam and it covers a higher coverage amount thus leading to the rising adoption of this type of coverage. In addition, this coverage is less time-consuming as compared to standard policy. Moreover, the key players are launching new insurance plans in the market are leading factors responsible for the growth of the market.
Analysis By Region
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North America accounts for the largest share of the global burial insurance market due to new launches of combined health, life, and death insurance by the key players in the region. Moreover, rising government initiatives to promote burial insurance is leading to increasing demand is driving the market growth.
- In April 2022, Affordable Care Act (ACA) was passed to increase access to coverage and lower prices, potentially increasing the proportion of people in the US who are insured.
Key Players Covered
The report will include the profiles of key players such as Chubb, Foresters Financial, Gerber Life Insurance Company, Zurich American Insurance Company, Globe Life and Accident Insurance Company, Fidelity Life Association, Allianz Life Insurance Company, Colonial Penn, The Baltimore Life Insurance Company and other prominent players.
Segmentation
By Coverage Type | By End User | By Geography |
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Key Industry Developments
- In April 2022, iptiQ partnered with November to launch a new insurance policy in Germany called ‘Whole of Life’, which covers the burial expenses of November's customers to expand its geographical presence in the market.
- In April 2022, Allianz Life Insurance Company launched a family protection plan, which covers funeral expenses to cater to the rising demand in Nigeria.
- Ongoing
- 2023
- 2019-2022
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