Burial Insurance Market is estimated to be valued at US$ 425.20 Billion in 2024; 5.6% CAGR Projected – Coherent Market Insights

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the burial insurance market.

Coherent Market Insights’ analyst projected the burial insurance market to be valued at US$ 425.20 Bn in 2024. It is expected to exhibit a CAGR of 5.6% over the forecast period 2024 -2031.

Discover key market trends: https://www.coherentmarketinsights.com/industry-reports/burial-insurance-market

Market Dynamics:

Rising healthcare costs and life expectancy drives market growth. This is due to the need for financial planning and insurance for end-cover.

Burial insurance also helps to meet these costs in planned steps. Morever, an aging population need to have more income and savings to fulfill all their requirements in advanced years.

Market Trends:

Adoption of pre-need burial contracts is a key trend driving market growth. This ensures one’s funeral wishes are carried out and takes away financial burden from family.

Digitization of the burial insurance industry is another trend gaining traction. Insurers are increasingly developing online platforms for consumers to purchase burial insurance policies. Digital capabilities are helping streamline processes and improve customer experience.

Burial Insurance Market Opportunities

The level death benefit segment accounts for the largest market share. This is due to affordable options for financial protection at reasonable costs. This segment is expected to continue its dominance going forward.

The monthly premium payment segment holds the major share. This is due to greater convenience it offers to customers. Paying premiums on a monthly basis eases cash flow and budgeting. The segment is anticipated to grow at a higher rate over the forecast period.

The over 50 age group dominates the burial insurance market. This is due to need for financial protection for families and independence even after death. Rising life expectancy is another factor driving demand in this segment.

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Key Market Takeaways

The burial insurance market is anticipated to witness a CAGR of 5.6% during the forecast period 2024-2031. This is due to to the growing need for last expense coverage.

On the basis of insurance coverage, the level death benefit segment is expected to hold a dominant position. It will account for over 60% of the market share by 2031.

On the basis of premium payment type, the monthly payment segment dominates with a market.

North America is expected to hold a dominant position over the forecast period. This is due to early adoption of burial insurance policies.

Competitor Insights

Key players operating in the burial insurance market include

• Gerber Life
• Foresters Financial
• Allianz Life
• AIG
• American National
• Assurity Life Insurance Company
• Transamerica
• Americo Financial Life and Annuity Insurance Company
• Baltimore Life
• AAA Life Insurance Company
• State Farm
• Sagicor Life Insurance Company

Recent Developments: 

In April 2024, New York Life Insurance acquired a minority stake in Fairview Capital. This strategic investment is intended to boost Fairview’s growth prospects, including a planned $1 billion initiative.

On February 28, 2022, Fidelity Life acquired Westpac Life, a flexible savings account, for USD 233.4 million and renamed it Fidelity Insurance. Under a 15-year agreement, Westpac NZ will distribute Fidelity Insurance products to its retail customers.

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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