Industry: Healthcare
Published Date: March-2025
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 186
Report ID: PMRREP35169
The global burial insurance market size is anticipated to rise from US$ 312 Mn in 2025 to US$ 449.4 Mn by 2032. It is projected to witness a CAGR of 5.4% from 2025 to 2032.
Available in more than 50 countries, burial insurance is reshaping the healthcare sector by relieving families of financial constraints and ensuring respectable end-of-life care, which lessens the financial pressure on hospital systems.
Countries such as Canada, the U.K., Australia, and Germany have implemented pre-need funeral insurance plans to ensure financial security. In the United States, approximately 60% of individuals over the age of 50 have considered burial insurance to cover final expenses.
Additionally, burial insurance supports hospice and palliative care services, allowing medical professionals to focus on patient needs rather than financial concerns. In Japan, where over 28% of the population is over 65, the cost of burial insurance has risen by 20% since 2020, helping to offset the country's increasing healthcare costs. This trend is redefining financial planning in healthcare on a global scale.
Key Highlights of the Burial Insurance Market
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Global Market Attributes |
Key Insights |
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Burial Insurance Market Size (2025E) |
US$ 312 Mn |
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Market Value Forecast (2032F) |
US$ 449.4 Mn |
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Projected Growth (CAGR 2025 to 2032) |
5.4% |
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Historical Market Growth (CAGR 2019 to 2024) |
4.8% |
Burial Insurance Offers Tremendous Financial Relief to Families Affected by Pandemic
As per Persistence Market Research, the global burial insurance industry witnessed a CAGR of 4.8% in the historical period between 2019 and 2024. In the observed timeframe, burial insurance provided critical financial relief to families, particularly during the COVID-19 pandemic.
The U.S. government, for instance, through FEMA’s COVID-19 Funeral Assistance Program, allocated US$ 2.8 Bn to assist families with funeral costs, benefiting over 400,000 applicants. This initiative demonstrated the growing reliance on burial insurance and government aid for end-of-life expenses.
Globally, over 60 million policies were issued between 2020 and 2024, ensuring people had peace of mind knowing their families wouldn't struggle financially after their passing.
Rising Awareness of Financial Burden on Families Fuels Demand for Dedicated Burial Coverage Options
In the estimated timeframe from 2025 to 2032, the global market for burial insurance is likely to showcase a CAGR of 5.4%. The rising awareness of the financial burden associated with funerals is driving individuals to seek proactive planning through dedicated burial insurance coverage.
With 63% of Americans lacking sufficient emergency savings, families often struggle to cover these expenses, leading to increased demand for burial insurance.
Burial insurance policies provide fixed coverage, typically ranging from US$ 5,000 to US$ 25,000, ensuring families are not left with unexpected costs. Reports indicate that 30% of seniors over 60 now opt for prepaid funeral plans or final expense insurance.
Better financial knowledge and greater financial security for loved ones are driving the rise in pre-need funeral planning services in nations like Canada, the U.K., and Australia, which is contributing to the expansion of the worldwide burial insurance industry.
Insurance Companies Presents Lucrative Offers to Ease Out Financial Burden On Families
Insurance companies and funeral service providers are increasingly promoting burial insurance products, raising consumer awareness about planning for funeral expenses. According to the National Funeral Directors Association (NFDA), the typical funeral in the U.S. in 2021 will cost US$ 7,848. This is driving the growth of the worldwide burial insurance industry. To address this burden, companies like Mutual of Omaha and AARP offer final expense policies ranging from US$ 2,000 to US$ 40,000 with no medical exam required.
Funeral homes like Dignity Memorial and Neptune Society offer prepaid funeral plans with fixed monthly payments, while State Farm and Colonial Penn promote burial insurance acceptance for seniors without health screenings. Providers like Globe Life offer first-month premium waivers and Lincoln Heritage Funeral Advantage includes family assistance benefits, making burial insurance a crucial financial tool for families worldwide.
Elderly Peoples Get Scammed by Misleading Advertisements
Seniors looking for inexpensive burial insurance have lost money and experienced uncertainty owing to deceptive expenditure life insurance advertisements. Deceptive marketing strategies, such as "pennies a day" or "government burial insurance," are employed by companies to entice consumers into plans that offer less coverage than anticipated. For instance, Colonial Penn’s US$ 9.95 plan gives seniors less than US$ 1,000 of coverage per unit, significantly lower than what many assume.
Executives Financial Group, a Florida-based business, was convicted in 2021 of defrauding elderly people out of more than US$ 5 Mn by making fraudulent claims for government-backed funeral insurance.
After being tricked into thinking they were getting complete coverage, victims found out their insurance was either fraudulent or only provided small reimbursements. This emphasizes how crucial it is to do due research when buying burial insurance, which includes checking the qualifications of the insurer, reading the fine language of the policy, and speaking with independent counsel.
Diversification of Insurance Distribution Enhances Accessibility with Market Growth
The rise of online insurance distribution is significantly changing the burial insurance industry. Companies like Colonial Penn, AARP, and Mutual of Omaha are launching user-friendly digital platforms that provide immediate quotations, flexible coverage options, and streamlined application processes. This shift is driven by the fact that over 60% of consumers research and purchase insurance online.
While insurance brokers still dominate the market with a share of 48.7% in 2025, insurtech companies such as Ethos and Bestow are gaining ground by offering instant approvals without requiring medical exams.
To remain competitive, companies are forming strategic partnerships aimed at increasing accessibility in underserved areas. For instance, Letshego Lesotho and Alliance Insurance Company are introducing affordable family funeral insurance products, while Airtel Mobile Commerce Uganda, Prudential Assurance Uganda, and Turaco Insurance Brokers have launched a product called 'Hospital Sente.'
Advancement in digital marketing and social media campaigns are raising consumer awareness, making burial insurance more accessible, particularly for seniors seeking affordable, no-exam policies.
Modified or Graded Death Benefits Attract Larger Consumer Base with Its Flexible Premium Policy
On the basis of insurance coverage, the market is trifurcated into segments like level death benefit, guaranteed acceptance, and modified or graded death benefits. In 2025, the modified or graded death benefits segment is anticipated to attain 44.7% of the global market owing to its attractive plans. These plans attract policyholders who prefer flexible premium adjustments, allowing for rate changes after 5 to 10 years. Unlike level death benefit plans, which maintain fixed premiums, graded benefit policies delay full payout benefits for the first 2 to 3 years, providing limited coverage during this period.
However, the demand for level death benefit plans is projected to grow in 2025 due to their guaranteed full coverage from the policy's inception and lower premiums compared to graded plans. Their immediate payout structure makes them an attractive option for those looking for financial security without a waiting period.
Following these segments, the guaranteed acceptance of burial insurance is gaining traction, as it provides coverage without medical exams, making it an accessible choice for seniors or individuals with pre-existing health conditions who might otherwise struggle to secure traditional policies.
High Prevalence of Morbid Health Conditions Attains Significance in Peoples Over 70
In 2025, the over 70 age group is expected to account for 34.6% of the market share in the global burial insurance market, maintaining its dominance due to the high prevalence of morbid conditions such as cardiovascular diseases, cancer, and chronic illnesses in this age group. Seniors in this category often seek comprehensive policies to cover final expenses, with burial costs in the U.S. averaging US$ 7,848, according to the National Funeral Directors Association (NFDA).
Following them, the over 50 segment is a key demographic, as many individuals start planning their end-of-life financial security. Insurers cater to this group by offering affordable, simplified issue policies with lower premiums and health-based underwriting. The over 60 segment sees strong demand for guaranteed acceptance burial insurance, as medical conditions become more prevalent.
The over 80 age group often opts for modified or graded death benefit plans due to higher premiums and limited coverage options. Current regulations also result in increased renewal rates for this demographic.
Policy Integration Propels the Demand for Burial Insurance in North America
The burial insurance market in North America is projected to hold 37.4% of the global share in 2025, fueled by the integration of health, life, and funeral insurance products and favorable government policies. The Affordable Care Act (ACA) has expanded insurance coverage, encouraging individuals to bundle funeral expense coverage with existing plans. The market in North America is estimated to record a CAGR of 5.1% through 2032.
In the U.S., funeral costs average between US$ 7,000 and US$ 12,000, making burial insurance a critical financial planning tool. Companies like Mutual of Omaha and Colonial Penn have introduced customized plans to cater to senior citizens, who make up a significant portion of policyholders.
The rise of digital platforms and insurtech firms has made policies more accessible, driving market expansion. With over 15,000 funeral homes across North America offering pre-need insurance plans, the burial insurance industry is expected to continue its upward trajectory through 2032.
Group Funeral Insurance Services Expands in Europe with Affordable Coverage
Insurance firms in Europe are providing great deals on group funeral insurance, offering cost-effective coverage for funeral services, cemetery plots, headstones, caskets, and other related expenses. With funeral costs averaging €3,500 to €6,500 in countries like Germany, France, and the U.K., group policies help ease financial burdens for families.
Companies like AXA, Allianz, and Aviva are leading the market with affordable group policies tailored for businesses, unions, and senior citizen organizations. In Spain, where 60% of funerals are pre-planned, group funeral insurance is widely adopted. The Netherlands, with a 97% funeral insurance penetration rate, sets a benchmark for comprehensive, budget-friendly coverage.
Firms are integrating digital platforms to enhance access to group funeral insurance, aiming to meet rising demand from Europe's aging population by 2032, ensuring financial security for families.
Surge in Demand for Burial Insurance in Asia Pacific Amid Cultural Diversity
In presence of many cultural and religious rituals surrounding funerals, the burial insurance market in Asia Pacific is increasing in the projected years, by offering diverse insurance plans. The need for specialized insurance policies is influenced by the distinctive burial practices of nations like China, India, and Japan.
In Japan, where 88% of funerals involve cremation, insurers offer cremation-specific policies. Meanwhile, in China, where funeral costs range between US$ 3,000 and US$ 10,000, burial insurance is increasingly adopted.
In India, policies now cover traditional Hindu ceremonies, which can cost US$2,500 to US$6,000. As regional life expectancy rises, more individuals are securing funeral insurance, driving steady market growth in the future.
The global burial insurance market is shaped by several significant players, each contributing to the industry's growth and dynamics. Notable among them is the Baltimore Life Insurance Company, recognized for its strong financial backing and commitment to policyholder satisfaction. The United Home Life Insurance Company focuses on offering tailored solutions that meet the unique needs of families planning for end-of-life expenses. Allianz Life stands out with its extensive portfolio, providing a wide range of products designed to ensure peace of mind.
State Farm Mutual Automobile Insurance Company, traditionally known for auto insurance, has expanded its offerings to include burial insurance, demonstrating its versatility in the insurance sector. New York Life Insurance, with its rich history and established trust, has built a reputation for providing reliable coverage that caters to the diverse needs of its clients. Gerber Life Insurance Company appeals to families with affordable options, while AAA Life Insurance Company leverages its brand recognition to secure a foothold in the market.
Sagicor Life Insurance Company has distinguished itself through innovative approaches to policy design and exceptional customer service. These key players are actively employing various strategies, from enhanced marketing to product diversification, to increase their market penetration and reinforce their competitive edge within the burial insurance sector.
Key Industry Developments
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Report Attributes |
Details |
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Historical Data/Actuals |
2019 - 2024 |
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Forecast Period |
2025 - 2032 |
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Market Analysis Units |
Value: US$ Bn/Mn, Volume: As applicable |
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Geographical Coverage |
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Segmental Coverage |
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Competitive Analysis |
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Report Highlights |
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Customization and Pricing |
Available upon request |
By Insurance Coverage
By Age Demographics
By Distribution Channel
By Region
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The market is set to reach US$ 25.15 Bn in 2025.
Burial insurance provides financial security for funeral expenses but may require higher premiums and less flexibility compared to other options.
The Baltimore Life Insurance Company, United Home Life Insurance Company, Allianz Life, State Farm Mutual Automobile Insurance Company, and New York Life Insurance are a few leading players.
The industry is estimated to rise at a CAGR of 6.7% through 2032.
North America is projected to hold the largest share of the industry in 2025.
