Final Expense Insurance Market by Policy Type, Coverage Type, Category, Providers

List of Tables

The Final Expense Insurance Market was valued at USD 15.28 billion in 2023, expected to reach USD 16.38 billion in 2024, and is projected to grow at a CAGR of 7.43%, to USD 25.24 billion by 2030.

Final Expense Insurance, also known as burial or funeral insurance, is designed to cover expenses related to funeral services, burial, and other end-of-life costs. This type of insurance typically provides a smaller coverage amount compared to standard life insurance, making it an affordable option for older adults who want to mitigate the financial burden on their families. The necessity for such insurance arises primarily from increasing funeral costs, limited savings among retirees, and awareness about financial planning for end-of-life expenses. It is principally applied by seniors aged 50 and above who seek peace of mind, ensuring their final expenses are covered without straining their loved ones financially. The end-use scope includes use by beneficiaries for covering funeral costs, medical bills, or unpaid debts. The market growth is influenced by factors such as the aging global population, rising healthcare costs, and cultural shifts towards planned funerals. Emerging opportunities lie in expanding product offerings that cater to digital-savvy seniors, leveraging online platforms for streamlined application processes, and incorporating flexible options for beneficiaries. However, challenges include market saturation, regulation compliance issues, and consumer skepticism due to historical mis-selling practices. Limitations in policy terms and coverage amounts can also deter potential buyers. The best areas for innovation include developing comprehensive policy packages that integrate final expense insurance with other senior-friendly financial products. Research opportunities can explore personalized or AI-driven insurance solutions that align with individual financial situations. The competitive landscape encourages players to harness big data analytics for predictive modeling, ensuring competitive pricing strategies and improved customer targeting. Overall, while the market holds significant potential, companies must navigate carefully through regulatory landscapes, enhance transparency, and develop consumer trust to achieve sustainable growth. By focusing on tailored solutions and embracing digital transformation, insurers can better meet the evolving needs of their clients.

KEY MARKET STATISTICS
Base Year [2023]	USD 15.28 billion
Estimated Year [2024]	USD 16.38 billion
Forecast Year [2030]	USD 25.24 billion
CAGR (%)	7.43%

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Final Expense Insurance Market

The Final Expense Insurance Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Growing number of elderly individuals, along with increasing healthcare costs
- Increasing awareness and educational efforts regarding the benefits of final expense insurance
- Burgeoning funeral and burial-related expenses globally
Market Restraints
- Concerns regarding the waiting period before benefits of insurance
Market Opportunities
- Favorable government initiatives to receive burial
- Development of flexible and innovative final expense insurance products
Market Challenges
- Fluctuating economic conditions affect consumer purchasing power and willingness to invest

Porter's Five Forces: A Strategic Tool for Navigating the Final Expense Insurance Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Final Expense Insurance Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Final Expense Insurance Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Final Expense Insurance Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Final Expense Insurance Market

A detailed market share analysis in the Final Expense Insurance Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Final Expense Insurance Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Final Expense Insurance Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Final Expense Insurance Market

A strategic analysis of the Final Expense Insurance Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Final Expense Insurance Market, highlighting leading vendors and their innovative profiles. These include AAA Life Insurance Company, Aflac Incorporated, Allianz SE, American Amicable Group, Anthem Insurance Group, Inc., Assurity Benefits Group, Bajaj Finserv Limited, CVS Health Corporation, Fidelity Life Association, First Generation Life, Gerber Life Insurance Company, Globe Life Inc., Manulife Financial Corporation, MetLife Services and Solutions, LLC, Mutual of Omaha Insurance Company, New York Life Insurance Company, Royal Neighbors of America, State Farm Mutual Automobile Insurance Company, Symmetry Financial Group by Quility Insurance Holdings, The Baltimore Life Insurance Company, The Savings Bank Mutual Life Insurance Company, Transamerica Corporation, TruStage Insurance, United Home Life Insurance Company, and Zurich Insurance Group Ltd..

Market Segmentation & Coverage

This research report categorizes the Final Expense Insurance Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Policy Type, market is studied across Graded Benefit Policies, Level Benefit Policies, and Modified Benefit Policies.
Based on Coverage Type, market is studied across Guaranteed Issue and Simplified Issue.
Based on Category, market is studied across Seniors and Younger Adult.
Based on Providers, market is studied across Agents & Brokers and Banks & Financial Institutions.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-030298DFF922

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing number of elderly individuals, along with increasing healthcare costs
  - 5.1.1.2. Increasing awareness and educational efforts regarding the benefits of final expense insurance
  - 5.1.1.3. Burgeoning funeral and burial-related expenses globally
- 5.1.2. Restraints
  - 5.1.2.1. Concerns regarding the waiting period before benefits of insurance
- 5.1.3. Opportunities
  - 5.1.3.1. Favorable government initiatives to receive burial
  - 5.1.3.2. Development of flexible and innovative final expense insurance products
- 5.1.4. Challenges
  - 5.1.4.1. Fluctuating economic conditions affect consumer purchasing power and willingness to invest
5.2. Market Segmentation Analysis
- 5.2.1. Policy Type: Growing usage of graded benefit policy insurance to alleviate financial burdens associated with end-of-life expenses
- 5.2.2. Providers: Extensive distribution of final expense insurance through agents & brokers
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Final Expense Insurance Market, by Policy Type

6.1. Introduction
6.2. Graded Benefit Policies
6.3. Level Benefit Policies
6.4. Modified Benefit Policies

7. Final Expense Insurance Market, by Coverage Type

7.1. Introduction
7.2. Guaranteed Issue
7.3. Simplified Issue

8. Final Expense Insurance Market, by Category

8.1. Introduction
8.2. Seniors
8.3. Younger Adult

9. Final Expense Insurance Market, by Providers

9.1. Introduction
9.2. Agents & Brokers
9.3. Banks & Financial Institutions

10. Americas Final Expense Insurance Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Final Expense Insurance Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Final Expense Insurance Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. iA Financial Group enhances US market presence with Prosperity Life Group and Vericity acquisitions
- 13.3.2. Capitec launches life insurance product to enhance market share, revenue, and customer retention
- 13.3.3. Quility launches QSFC suite of instant-decision whole life insurance products targeting 20-80 age group
- 13.3.4. Royal Neighbors of America Introduces New Final Expense Insurance to Support Families and Foster Community Development
- 13.3.5. Transamerica Partners with Bestow to Enhance Final Expense Insurance Through Innovative Tech Solutions
- 13.3.6. Citizens Inc. Partners with Allegiant to Enhance Final Expense Insurance Offerings through Strategic Collaboration
13.4. Strategy Analysis & Recommendation

Companies Mentioned

1. AAA Life Insurance Company
2. Aflac Incorporated
3. Allianz SE
4. American Amicable Group
5. Anthem Insurance Group, Inc.
6. Assurity Benefits Group
7. Bajaj Finserv Limited
8. CVS Health Corporation
9. Fidelity Life Association
10. First Generation Life
11. Gerber Life Insurance Company
12. Globe Life Inc.
13. Manulife Financial Corporation
14. MetLife Services and Solutions, LLC
15. Mutual of Omaha Insurance Company
16. New York Life Insurance Company
17. Royal Neighbors of America
18. State Farm Mutual Automobile Insurance Company
19. Symmetry Financial Group by Quility Insurance Holdings
20. The Baltimore Life Insurance Company
21. The Savings Bank Mutual Life Insurance Company
22. Transamerica Corporation
23. TruStage Insurance
24. United Home Life Insurance Company
25. Zurich Insurance Group Ltd.