info@marketresearchfuture.com   📞  +1 (855) 661-4441(US)   📞  +44 1720 412 167(UK)
Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
Key Questions Answered
  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Why Choose Market Research Future?
  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/ universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.

Burial Insurance Market Research Report: By Policy Type (Pre-funded Plans, Post-funded Plans), By Coverage Amount ($10,000-$50,000, $50,000-$100,000, Over $100,000), By Plan Term (10 Years or Less, 11-20 Years, Over 20 Years), By Distribution Channel (Agents, Online, Direct Mail, Other) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032.


ID: MRFR/HC/25335-HCR | 100 Pages | Author: Rahul Gotadki| October 2024

Burial Insurance Market Overview


As per MRFR analysis, the Burial Insurance Market Size was estimated at 17.73 (USD Billion) in 2022. The Burial Insurance Market is expected to grow from 18.35 (USD Billion) in 2023 to 25.0 (USD Billion) by 2032. The Burial Insurance Market CAGR (growth rate) is expected to be around 3.49% during the forecast period (2024 - 2032).


Key Burial Insurance Market Trends Highlighted


Key market drivers for burial insurance include rising healthcare costs, an aging population, and increasing awareness of the importance of end-of-life planning. This market is also driven by the growing popularity of cremation and the increasing cost of funerals.


Opportunities to be explored in the burial insurance market include developing new products that meet the needs of specific customer segments, such as seniors, veterans, and low-income families.


There is also an opportunity to expand the distribution of burial insurance through partnerships with funeral homes and other end-of-life service providers.


Recent trends in the burial insurance market include the increasing use of technology to streamline the application and claims process. There is also a trend towards more flexible and customizable policies that allow consumers to tailor their coverage to their individual needs.


Burial Insurance Market Overview


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Burial Insurance Market Drivers


Increasing awareness of the importance of end-of-life planning


As the population ages, people are becoming more aware of the importance of planning for their end of life. This includes making sure that they have adequate financial resources to cover their funeral expenses.


Burial insurance can provide peace of mind for individuals and their families, knowing that they will not be burdened with unexpected costs at a difficult time. According to a recent study by the National Funeral Directors Association (NFDA), the average cost of a funeral in the United States is over $9,000.


This cost is expected to continue to rise in the coming years, making it even more important for people to have burial insurance in place. Burial insurance can help to cover the costs of funeral expenses, such as the casket, burial plot, and funeral services.


In addition to financial peace of mind, burial insurance can also provide emotional peace of mind for individuals and their families. Knowing that their loved ones will not be burdened with financial worries at a difficult time can provide a sense of comfort and security.


Burial insurance can also help to ensure that individuals' final wishes are carried out, giving them peace of mind knowing that their end-of-life plans will be respected.


Rising healthcare costs


The rising cost of healthcare is another major factor driving the growth of the Burial Insurance Market.


As healthcare costs continue to increase, people are increasingly looking for ways to save money on their end-of-life expenses.


Burial insurance can help to offset the cost of healthcare expenses, such as hospital stays, doctor's visits, and prescription drugs.


The increasing popularity of cremation


The increase in demand for cremation is also inspiring the growth for Burial Insurance Market. Cremation is generally cheaper than the traditional form of burial.


It is for this reason that its popularity is rising among citizens who wish to make their end-of-life matters affordable to their heirs. Burial insurance would also assist in covering the cost of cremation.


Burial Insurance Market Segment Insights


Burial Insurance Market Policy Type Insights


The Policy Type segment is one of the most important in the Burial Insurance Market. It can be divided into two subcategories: Pre-funded Plans and Post-funded Plans.


The Pre-funded Plans are some of the most popular types of burial insurance policies as they require the policyholder to make regular payments toward a special account that covers the costs of the funeral, burial, and other end-of-life expenses.


Such a deposit guarantees that the main financial burden related to the end-of-life contract will not fall on the shoulders of the deceased individual family members.


The Burial Insurance Market revenue from Pre-funded Plans is expected to be worth USD 15.6 billion by 2024. The main driver for these expectations is that the market for such types of contracts remains stable. In 2020, it comprised USD 8 billion.


Post-funded Plans provide a similar range of services to the clients. However, instead of requiring premium payments made by the policyholders, they are usually bought by individuals, who cannot afford pre-funded contracts.


Thus, they are expected to provide the organizations responsible for the funeral arrangements with a lump sum afterward.


The way that the Post-funded Plans will be paid ensures that these policies should be cheaper than their pre-funded counterparts. Due to the increased popularity of burial insurance, the Burial Money value for these types of policies is expected to reach 25% by 2024.


The Policy Type segment of both subcategories provides a unique insight into burial insurance services and policy providers.


Burial Insurance Market Inisghts


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Burial Insurance Market Coverage Amount Insights


Many customers will opt for the $10,000 to $50,000 coverage amount segment because it is estimated to hold a significant share of the market in 2024. Apart from being the most affordable policy, it is also within the reach of low-income earners.


In addition, the demand for the $50,000 to $100,000 coverage amount segment is expected to expand at a steady rate. With many customers looking towards this product to help them cater for their burial costs, they consider customers who wish to be on the safer side with more benefits.


The third collection category worth above $100,000 is also expected to attract high-income earners and families.


Burial Insurance Market Plan Term Insights


The Plan Term segment is an important part of the Burial Insurance Market. In 2023, the '10 Years or Less' sub-segment accounted for the largest share of the market, with a revenue of USD 9.56 billion.


This is due to the fact that most people prefer to purchase burial insurance policies with shorter terms, as they are more affordable.


The '11-20 Years' sub-segment is expected to grow at a CAGR of 3.8% over the next ten years as more people become aware of the benefits of burial insurance.


The 'Over 20 Years' sub-segment is expected to grow at a CAGR of 3.2% over the next ten years. Overall, the Plan Term segment is expected to grow at a CAGR of 3.5% over the next ten years.


Burial Insurance Market Distribution Channel Insights


Distribution Channel The distribution channel segment plays a crucial role in the Burial Insurance Market. Agents, online platforms, direct mail, and other channels are the primary means through which burial insurance products reach customers.


Agents have traditionally dominated the market, leveraging their personal relationships and expertise to drive sales.


However, online channels are gaining traction as consumers increasingly prefer the convenience and accessibility of digital platforms. In 2023, agents accounted for the largest share of the market, contributing to over 50% of the Burial Insurance Market revenue.


Online distribution is projected to grow at a CAGR of 4.5% during the forecast period, driven by the increasing penetration of smartphones and internet access. Direct mail and other channels are expected to maintain a steady growth rate, catering to specific customer segments.


Burial Insurance Market Regional Insights


The Burial Insurance Market is segmented into North America, Europe, APAC, South America, and MEA.


Among these regions, North America is expected to hold the largest market share in 2023, owing to the high prevalence of chronic diseases and rising healthcare costs.


Europe is expected to be the second-largest market, followed by APAC. The APAC region is expected to witness significant growth in the coming years, due to the increasing population and rising disposable income.


South America and MEA are expected to account for a relatively smaller share of the market.


Burial Insurance Market Regional Insights


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Burial Insurance Market Key Players and Competitive Insights


Major players in the Burial Insurance Market are constantly investing in research and development to introduce innovative products and services. Leading Burial Insurance Market players are focusing on expanding their geographical presence and forming strategic partnerships to increase their market share.


The Burial Insurance Market is characterized by the presence of both large established players and small emerging companies. These companies are competing fiercely to gain market share and establish a strong brand presence.


The competitive landscape is expected to remain intense in the coming years, with companies focusing on product innovation, customer service, and strategic partnerships to differentiate themselves in the market.


Legal and General, a leading company in the Burial Insurance Market, has a strong track record of innovation and customer satisfaction. The company offers a wide range of burial insurance plans, including whole life insurance, term life insurance, and final expense insurance.


Legal and General has a strong distribution network and a team of experienced agents who provide personalized advice to customers. The company has also invested heavily in technology to improve its customer experience and streamline its operations.


A competitor company in the Burial Insurance Market, FWD Life, is a fast-growing company with a strong focus on emerging markets. The company offers a range of burial insurance plans, including term life insurance, whole life insurance, and universal life insurance.


FWD Life has a strong presence in Asia and is rapidly expanding its operations in other regions. The company has a strong track record of innovation and has introduced several unique products to the market, such as its "Pay-as-you-go" plan, which allows customers to pay for their burial insurance on a monthly basis.


Key Companies in the Burial Insurance Market Include




  • Datapoint




  • AIG




  • The Colonial Penn Life Insurance Company




  • Aflac




  • Legal General




  • Prudential Financial




  • Mutual of Omaha Insurance Company




  • CNA Insurance




  • Golden Rule Insurance Company




  • Globe Life




  • Assurant




  • State Farm




  • Unum




  • Chubb




  • Everence




Burial Insurance Market Developments


The increasing awareness about the importance of funeral planning, rising disposable income, and a growing elderly population are key factors driving market growth.


The Asia Pacific region is expected to hold the largest market share due to the presence of a large aging population and increasing insurance penetration in emerging economies.


Strategic partnerships, product innovations, and mergers and acquisitions are common strategies adopted by market players to gain a competitive edge.


Recent developments include the launch of new products, such as guaranteed acceptance policies and simplified underwriting processes. Insurers are also leveraging technology to enhance customer experience and streamline operations.


Burial Insurance Market Segmentation Insights


Burial Insurance Market Policy Type Outlook





  • Pre-funded Plans




  • Post-funded Plans





Burial Insurance Market Coverage Amount Outlook





  • $10,000-$50,000




  • $50,000-$100,000




  • Over $100,000





Burial Insurance Market Plan Term Outlook





  • 10 Years or Less




  • 11-20 Years




  • Over 20 Years





Burial Insurance Market Distribution Channel Outlook





  • Agents




  • Online




  • Direct Mail




  • Other





Burial Insurance Market Regional Outlook




  • North America



  • Europe



  • South America



  • Asia Pacific



  • Middle East and Africa


Report Attribute/Metric Details
Market Size 2022 17.73(USD Billion)
Market Size 2023 18.35(USD Billion)
Market Size 2032 25.0(USD Billion)
Compound Annual Growth Rate (CAGR) 3.49% (2024 - 2032)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Base Year 2023
Market Forecast Period 2024 - 2032
Historical Data 2019 - 2023
Market Forecast Units USD Billion
Key Companies Profiled Datapoint, AIG, The Colonial Penn Life Insurance Company, Aflac, Legal General, Prudential Financial, Mutual of Omaha Insurance Company, CNA Insurance, Golden Rule Insurance Company, Globe Life, Assurant, State Farm, Unum, Chubb, Everence
Segments Covered Policy Type, Coverage Amount, Plan Term, Distribution Channel, Regional
Key Market Opportunities Growing elderly population Rising funeral costs Increasing awareness of burial insurance Technological advancements Expansion into emerging markets
Key Market Dynamics Increasing demand for affordable end-of-life coverage Growing awareness of burial costs Surge in the elderly population Government initiatives to support end-of-life expenses Rise of direct-to-consumer burial insurance platforms
Countries Covered North America, Europe, APAC, South America, MEA


Frequently Asked Questions (FAQ) :

The Burial Insurance Market is expected to reach USD 25.0 billion by 2032, exhibiting a CAGR of 3.49% during the forecast period (2024-2032).

North America is the largest market for Burial Insurance, accounting for over 40% of the market share.

The Traditional Burial Insurance segment is expected to witness the highest growth, owing to the increasing demand for traditional burial services.

Key competitors in the Burial Insurance Market include Lincoln Financial Group, MetLife, Inc., and Prudential Financial, Inc.

Rising healthcare costs and the increasing aging population are key factors driving the growth of the Burial Insurance Market.

Low awareness about Burial Insurance and the availability of alternative financial products are key challenges faced by the Burial Insurance Market.

Increasing adoption of online distribution channels and the emergence of hybrid Burial Insurance products are key trends in the Burial Insurance Market.

The Burial Insurance Market is expected to grow at a CAGR of 3.49% from 2024 to 2032.

The Burial Insurance Market was valued at USD 18.35 billion in 2023.

The Burial Insurance Market is expected to reach USD 25.0 billion by 2032.

Leading companies partner with us for data-driven Insights
client_1 client_2 client_3 client_4 client_5 client_6 client_7 client_8 client_9 client_10
Kindly complete the form below to receive a free sample of this Report
Please fill in Business Email for Quick Response

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

Purchase Option
Single User $ 4,950
Multiuser License $ 5,950
Enterprise User $ 7,250
Compare Licenses
Tailored for You
  • Dedicated Research on any specifics segment or region.
  • Focused Research on specific players in the market.
  • Custom Report based only on your requirements.
  • Flexibility to add or subtract any chapter in the study.
  • Historic data from 2014 and forecasts outlook till 2040.
  • Flexibility of providing data/insights in formats (PDF, PPT, Excel).
  • Provide cross segmentation in applicable scenario/markets.