U.S. Burial Insurance Market To Reach $92.59 Billion By 2030

U.S. Burial Insurance Market Growth & Trends

The U.S. burial insurance market size is expected to reach USD 92.59 billion by 2030, registering a CAGR of 3.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is attributed to the rising awareness among people about burial insurance. Furthermore, due to the rising awareness, companies through their marketing strategies are trying to enter the market, whereby the marketing strategies include providing various funeral insurance plans which could attract a wide range of people.

Burial insurance is uniquely created to cover one-time and short-term expenses, where its major application is covering funeral costs, in contrast to conventional universal, whole life, and term life policies. However, as the number of insurance companies has grown, product bundling has become a very common practice in the insurance industry. As a result, burial insurance can now be used to pay for any final expenses, such as unpaid medical bills, credit card debt, or other bills accumulated in the month of death (utility bills, phone bills, etc.).

To take advantage of diverse sorts of services and technological capabilities needed for future success, forward-thinking insurers are widening their options and going beyond conventional vendors. To improve company position in the global burial insurance market, these companies have used a variety of strategies, including partnerships, collaborations, product launches, joint ventures, and mergers and acquisitions.

For instance, on February 28, 2022, Westpac Life was bought by Fidelity Life, the country's largest privately owned life insurance provider, for 400 million New Zealand dollars. In connection with the sale, Westpac Life changed its name to Fidelity Insurance and signed a 15-year contract with Westpac NZ for the distribution of life insurance. For the next 15 years, Westpac NZ will offer Fidelity Insurance products to its retail clients as part of this agreement. The deal's parameters haven't altered since they were initially disclosed on July 6, 2021.

 Request a free sample copy or view report summary: U.S. Burial Insurance Market Report

U.S. Burial Insurance Market Report Highlights

• In the coverage type segment, modified or graded death benefits had the biggest revenue share of around 46% in 2021. The rather swift increase, with a CAGR of 4.4% for the level death benefit coverage type, comes next

• In terms of end-user age, those over 60 and 70 account for the greatest revenue shares, accounting for about 31% and 32% of the market respectively in 2021. This group is anticipated to maintain its dominance during the forecast period. Moreover, individuals over 80 are expected to account for a pretty large increase over the course of the projection period, with a positive CAGR of 4.4%, as the population ages, which is anticipated to promote market growth

• One of the largest challenges confronting health insurance companies and other private payers in the U.S. is the increased demand for funeral services and their accompanying expenses. This has made it feasible for several government programs to be implemented, ensuring that everyone, regardless of circumstance, receives adequate end-of-life care. As more individuals understand these efforts and as insurance firms focus more on providing end-to-end plans to customers, the overall market is expected to expand

• Additional factors boosting the market expansion during the projected period include increased awareness about funeral insurance, expanding healthcare coverage, increased competition, and related collaboration to provide policy applicants a better coverage

• Key players also contribute to market growth by entering into partnerships, engaging in mergers and acquisitions, and launching new products. For instance, Nassau Financial Group, L.P. completed the acquisition of Foresters Life Insurance and Annuity Company in July 2020. By making this purchase, the company has upheld its promise to continue using the independent Foresters branch and leveraging goal-driven organizations to fuel the expansion of its insurance business in the U.S.

U.S. Burial Insurance Market Segmentation

Grand View Research has segmented the U.S. burial insurance market on the basis of coverage type, age of end-user, and state:

U.S. Burial Insurance Coverage Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Level Death Benefit

• Guaranteed Acceptance

• Modified Or Graded Death Benefit

U.S. Burial Insurance Age of End-user Outlook (Revenue, USD Billion, 2018 - 2030)

• Over 50

• Over 60

• Over 70

• Over 80

U.S. Burial Insurance State Outlook (Revenue, USD Billion, 2018 - 2030)

• California

• Texas

• Florida

• New York

• Pennsylvania

• Illinois

• Ohio

• Georgia

• Rest of the U.S.

List of Key Players in the U.S. Burial Insurance Market

• Aetna Inc.

• Mutual of Omaha

• Transamerica

• Royal Neighbors of America

• Prosperity Life Group

• American International Group, Inc.

• Allianz Life

• Gerber Life Insurance

• Baltimore Life

• Foresters Financial Services Inc (acquired by Nassau Financial Group, L.P. also known as ‘Nassau’)

• AARP/New York Life

• Globe Life Inc. (Globe Life and Accident Insurance Company)

• Colonial Penn