Burial Insurance Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2025

Description

Persistence Market Research has recently released a comprehensive report on the worldwide market for burial insurance. The report offers a thorough assessment of crucial market dynamics, including drivers, trends, opportunities, and challenges, providing detailed insights into the market structure. This research publication presents exclusive data and statistics outlining the anticipated growth trajectory of the global burial insurance market from 2025 to 2032.

Key Insights:

Burial Insurance Market Size (2025E): US$ 312 Mn
Projected Market Value (2032F): US$ 449.4 Mn
Global Market Growth Rate (CAGR 2025 to 2032):5.4%

Burial Insurance Market - Report Scope:

Burial insurance, also known as final expense insurance, provides financial support to cover funeral costs, medical bills, and other expenses related to the end-of-life process. The market includes a range of products, such as whole life insurance, term life insurance, and policies designed specifically to cover funeral expenses. The growing need for funeral planning, the aging population, and rising funeral costs are key drivers of market growth, as more individuals seek affordable and practical solutions to manage their final expenses.

Market Growth Drivers:

The global burial insurance market is propelled by several key factors, including the rising awareness of funeral cost planning and the increasing demand for affordable life insurance options. As the aging population continues to grow, more individuals seek burial insurance policies to ease the financial burden on their families. The rise in funeral costs, including burial fees, cremation expenses, and associated services, further boosts the demand for burial insurance. Additionally, the availability of customizable policies that cater to a wide range of financial needs encourages greater adoption of burial insurance, particularly among low- to middle-income families.

Market Restraints:

Despite promising growth prospects, the burial insurance market faces challenges related to regulatory concerns, lack of consumer awareness, and the complexity of policy terms. Regulatory frameworks around life insurance and burial policies vary significantly across regions, which can affect market growth and create barriers for new entrants. Moreover, many individuals remain unaware of burial insurance options, often postponing decisions until it is too late. High premiums associated with certain policies and the perceived complexity of insurance terms may also deter some potential customers from exploring burial insurance.

Market Opportunities:

The burial insurance market presents significant growth opportunities driven by demographic trends, technological advancements, and evolving consumer preferences. The increasing integration of digital platforms for insurance sales and policy management is expected to improve accessibility and streamline the process for consumers. Additionally, the expansion of burial insurance products tailored to specific cultural and religious needs offers a unique opportunity for market players to cater to diverse customer bases. Strategic partnerships between burial insurance providers and funeral service companies could further enhance market penetration and expand service offerings.

Key Questions Answered in the Report:

What are the primary factors driving the growth of the burial insurance market globally?
Which types of burial insurance policies are most popular among consumers, and why?
How are digital platforms and technological advancements reshaping the competitive landscape of the burial insurance market?
Who are the key players contributing to the burial insurance market, and what strategies are they employing to maintain market relevance?
What are the emerging trends and future prospects in the global burial insurance market?

Competitive Intelligence and Business Strategy:

Leading players in the global burial insurance market, including MetLife, New York Life, and AIG, focus on offering a wide range of insurance products that cater to different customer segments. These companies emphasize product innovation, customer education, and seamless digital experiences to differentiate themselves in the competitive landscape. Additionally, collaborations with funeral service providers and financial advisors help enhance consumer trust and market outreach. By focusing on cost-effective plans and emphasizing ease of access, these companies aim to meet the needs of individuals looking for simplified and affordable solutions for their end-of-life financial planning.

Key Companies Profiled:

MetLife
New York Life
AIG
Prudential Financial, Inc.
Gerber Life Insurance
Mutual of Omaha
Transamerica Life Insurance Company
Globe Life
Liberty National Life Insurance Company
Lincoln Heritage Life Insurance Company

Burial Insurance Market Segmentation

By Insurance Coverage

Level Death Benefit
Guaranteed Acceptance
Modified or Graded Death Benefit

By Age Demographics

Over 50
Over 60
Over 70
Over 80

By Distribution Channel

Direct Sales
Insurance Brokers
Online Platforms

By Region

North America
Europe
East Asia
South Asia and Oceania
Middle East and Africa
Latin America

Product Code: PMRREP35169

1. Executive Summary

1.1. Global Burial Insurance Market Snapshot, 2025-2032
1.2. Market Opportunity Assessment, 2025-2032, US$ Mn
1.3. Key Market Trends
1.4. Future Market Projections
1.5. Premium Market Insights
1.6. Industry Developments and Key Market Events
1.7. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definition
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Key Trends
2.3. Macro-Economic Factors
- 2.3.1. Global Sectorial Outlook
- 2.3.2. Global GDP Growth Outlook
2.4. COVID-19 Impact Analysis
2.5. Forecast Factors - Relevance and Impact

3. Value Added Insights

3.1. Product Adoption Analysis
3.2. Regulatory Landscape
3.3. Value Chain Analysis
3.4. PESTLE Analysis
3.5. Porter's Five Force Analysis

4. Global Burial Insurance Market Outlook

4.1. Key Highlights
- 4.1.1. Market Size (US$ Mn) and Y-o-Y Growth
- 4.1.2. Absolute $ Opportunity
4.2. Market Size (US$ Mn) Analysis and Forecast
- 4.2.1. Historical Market Size (US$ Mn) Analysis, 2019-2024
- 4.2.2. Current Market Size (US$ Mn) Analysis and Forecast, 2025-2032
4.3. Global Burial Insurance Market Outlook: Insurance Coverage
- 4.3.1. Introduction / Key Findings
- 4.3.2. Historical Market Size (US$ Mn) Analysis, By Insurance Coverage, 2019-2024
- 4.3.3. Current Market Size (US$ Mn) Analysis and Forecast, By Insurance Coverage, 2025-2032
  - 4.3.3.1. Level Death Benefit
  - 4.3.3.2. Guaranteed Acceptance
  - 4.3.3.3. Modified or Graded Death Benefit
- 4.3.4. Market Attractiveness Analysis: Insurance Coverage
4.4. Global Burial Insurance Market Outlook: Age Demographics
- 4.4.1. Introduction / Key Findings
- 4.4.2. Historical Market Size (US$ Mn), By Age Demographics, 2019-2024
- 4.4.3. Current Market Size (US$ Mn) Analysis and Forecast, By Age Demographics, 2025-2032
  - 4.4.3.1. Over 50
  - 4.4.3.2. Over 60
  - 4.4.3.3. Over 70
  - 4.4.3.4. Over 80
- 4.4.4. Market Attractiveness Analysis: Age Demographics
4.5. Global Burial Insurance Market Outlook: Distribution Channel
- 4.5.1. Introduction / Key Findings
- 4.5.2. Historical Market Size (US$ Mn), By Distribution Channel, 2019-2024
- 4.5.3. Current Market Size (US$ Mn) Analysis and Forecast, By Distribution Channel, 2025-2032
  - 4.5.3.1. Direct Sales
  - 4.5.3.2. Insurance Brokers
  - 4.5.3.3. Online Platforms
- 4.5.4. Market Attractiveness Analysis: Distribution Channel

5. Global Burial Insurance Market Outlook: Region

5.1. Key Highlights
5.2. Historical Market Size (US$ Mn) Analysis, By Region, 2019-2024
5.3. Current Market Size (US$ Mn) Analysis and Forecast, By Region, 2025-2032
- 5.3.1. North America
- 5.3.2. Europe
- 5.3.3. East Asia
- 5.3.4. South Asia and Oceania
- 5.3.5. Latin America
- 5.3.6. Middle East & Africa
5.4. Market Attractiveness Analysis: Region

6. North America Burial Insurance Market Outlook

6.1. Key Highlights
6.2. Historical Market Size (US$ Mn) Analysis, By Market, 2019-2024
- 6.2.1. By Country
- 6.2.2. By Insurance Coverage
- 6.2.3. By Age Demographics
- 6.2.4. By Distribution Channel
6.3. Current Market Size (US$ Mn) Analysis and Forecast, By Country, 2025-2032
- 6.3.1. U.S.
- 6.3.2. Canada
6.4. Current Market Size (US$ Mn) Analysis and Forecast, By Insurance Coverage, 2025-2032
- 6.4.1. Level Death Benefit
- 6.4.2. Guaranteed Acceptance
- 6.4.3. Modified or Graded Death Benefit
6.5. Current Market Size (US$ Mn) Analysis and Forecast, By Age Demographics, 2025-2032
- 6.5.1. Over 50
- 6.5.2. Over 60
- 6.5.3. Over 70
- 6.5.4. Over 80
6.6. Current Market Size (US$ Mn) Analysis and Forecast, By Distribution Channel, 2025-2032
- 6.6.1. Direct Sales
- 6.6.2. Insurance Brokers
- 6.6.3. Online Platforms
6.7. Market Attractiveness Analysis

7. Europe Burial Insurance Market Outlook

7.1. Key Highlights
7.2. Historical Market Size (US$ Mn) Analysis, By Market, 2019-2024
- 7.2.1. By Country
- 7.2.2. By Insurance Coverage
- 7.2.3. By Age Demographics
- 7.2.4. By Distribution Channel
7.3. Current Market Size (US$ Mn) Analysis and Forecast, By Country, 2025-2032
- 7.3.1. Germany
- 7.3.2. France
- 7.3.3. U.K.
- 7.3.4. Italy
- 7.3.5. Spain
- 7.3.6. Russia
- 7.3.7. Turkey
- 7.3.8. Rest of Europe
7.4. Current Market Size (US$ Mn) Analysis and Forecast, By Insurance Coverage, 2025-2032
- 7.4.1. Level Death Benefit
- 7.4.2. Guaranteed Acceptance
- 7.4.3. Modified or Graded Death Benefit
7.5. Current Market Size (US$ Mn) Analysis and Forecast, By Age Demographics, 2025-2032
- 7.5.1. Over 50
- 7.5.2. Over 60
- 7.5.3. Over 70
- 7.5.4. Over 80
7.6. Current Market Size (US$ Mn) Analysis and Forecast, By Distribution Channel, 2025-2032
- 7.6.1. Direct Sales
- 7.6.2. Insurance Brokers
- 7.6.3. Online Platforms
7.7. Market Attractiveness Analysis

8. East Asia Burial Insurance Market Outlook

8.1. Key Highlights
8.2. Historical Market Size (US$ Mn) Analysis, By Market, 2019-2024
- 8.2.1. By Country
- 8.2.2. By Insurance Coverage
- 8.2.3. By Age Demographics
- 8.2.4. By Distribution Channel
8.3. Current Market Size (US$ Mn) Analysis and Forecast, By Country, 2025-2032
- 8.3.1. China
- 8.3.2. Japan
- 8.3.3. South Korea
8.4. Current Market Size (US$ Mn) Analysis and Forecast, By Insurance Coverage, 2025-2032
- 8.4.1. Level Death Benefit
- 8.4.2. Guaranteed Acceptance
- 8.4.3. Modified or Graded Death Benefit
8.5. Current Market Size (US$ Mn) Analysis and Forecast, By Age Demographics, 2025-2032
- 8.5.1. Over 50
- 8.5.2. Over 60
- 8.5.3. Over 70
- 8.5.4. Over 80
8.6. Current Market Size (US$ Mn) Analysis and Forecast, By Distribution Channel, 2025-2032
- 8.6.1. Direct Sales
- 8.6.2. Insurance Brokers
- 8.6.3. Online Platforms
8.7. Market Attractiveness Analysis

9. South Asia & Oceania Burial Insurance Market Outlook

9.1. Key Highlights
9.2. Historical Market Size (US$ Mn) Analysis, By Market, 2019-2024
- 9.2.1. By Country
- 9.2.2. By Insurance Coverage
- 9.2.3. By Age Demographics
- 9.2.4. By Distribution Channel
9.3. Current Market Size (US$ Mn) Analysis and Forecast, By Country, 2025-2032
- 9.3.1. India
- 9.3.2. Southeast Asia
- 9.3.3. ANZ
- 9.3.4. Rest of South Asia & Oceania
9.4. Current Market Size (US$ Mn) Analysis and Forecast, By Insurance Coverage, 2025-2032
- 9.4.1. Level Death Benefit
- 9.4.2. Guaranteed Acceptance
- 9.4.3. Modified or Graded Death Benefit
9.5. Current Market Size (US$ Mn) Analysis and Forecast, By Age Demographics, 2025-2032
- 9.5.1. Over 50
- 9.5.2. Over 60
- 9.5.3. Over 70
- 9.5.4. Over 80
9.6. Current Market Size (US$ Mn) Analysis and Forecast, By Distribution Channel, 2025-2032
- 9.6.1. Direct Sales
- 9.6.2. Insurance Brokers
- 9.6.3. Online Platforms
9.7. Market Attractiveness Analysis

10. Latin America Burial Insurance Market Outlook

10.1. Key Highlights
10.2. Historical Market Size (US$ Mn) Analysis, By Market, 2019-2024
- 10.2.1. By Country
- 10.2.2. By Insurance Coverage
- 10.2.3. By Age Demographics
- 10.2.4. By Distribution Channel
10.3. Current Market Size (US$ Mn) Analysis and Forecast, By Country, 2025-2032
- 10.3.1. Brazil
- 10.3.2. Mexico
- 10.3.3. Rest of Latin America
10.4. Current Market Size (US$ Mn) Analysis and Forecast, By Insurance Coverage, 2025-2032
- 10.4.1. Level Death Benefit
- 10.4.2. Guaranteed Acceptance
- 10.4.3. Modified or Graded Death Benefit
10.5. Current Market Size (US$ Mn) Analysis and Forecast, By Age Demographics, 2025-2032
- 10.5.1. Over 50
- 10.5.2. Over 60
- 10.5.3. Over 70
- 10.5.4. Over 80
10.6. Current Market Size (US$ Mn) Analysis and Forecast, By Distribution Channel, 2025-2032
- 10.6.1. Direct Sales
- 10.6.2. Insurance Brokers
- 10.6.3. Online Platforms
10.7. Market Attractiveness Analysis

11. Middle East & Africa Burial Insurance Market Outlook

11.1. Key Highlights
11.2. Historical Market Size (US$ Mn) Analysis, By Market, 2019-2024
- 11.2.1. By Country
- 11.2.2. By Insurance Coverage
- 11.2.3. By Age Demographics
- 11.2.4. By Distribution Channel
11.3. Current Market Size (US$ Mn) Analysis and Forecast, By Country, 2025-2032
- 11.3.1. GCC Countries
- 11.3.2. Egypt
- 11.3.3. South Africa
- 11.3.4. Northern Africa
- 11.3.5. Rest of Middle East & Africa
11.4. Current Market Size (US$ Mn) Analysis and Forecast, By Insurance Coverage, 2025-2032
- 11.4.1. Level Death Benefit
- 11.4.2. Guaranteed Acceptance
- 11.4.3. Modified or Graded Death Benefit
11.5. Current Market Size (US$ Mn) Analysis and Forecast, By Age Demographics, 2025-2032
- 11.5.1. Over 50
- 11.5.2. Over 60
- 11.5.3. Over 70
- 11.5.4. Over 80
11.6. Current Market Size (US$ Mn) Analysis and Forecast, By Distribution Channel, 2025-2032
- 11.6.1. Direct Sales
- 11.6.2. Insurance Brokers
- 11.6.3. Online Platforms
11.7. Market Attractiveness Analysis

12. Competition Landscape

12.1. Market Share Analysis, 2025
12.2. Market Structure
- 12.2.1. Competition Intensity Mapping By Market
- 12.2.2. Competition Dashboard
12.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 12.3.1. The Baltimore Life Insurance Company
  - 12.3.1.1. Overview
  - 12.3.1.2. Segments and Products
  - 12.3.1.3. Key Financials
  - 12.3.1.4. Market Developments
  - 12.3.1.5. Market Strategy
- 12.3.2. United Home Life Insurance Company
- 12.3.3. Allianz Life
- 12.3.4. State Farm Mutual Automobile Insurance Company
- 12.3.5. New York Life Insurance
- 12.3.6. Gerber Life Insurance Company
- 12.3.7. AAA life Insurance Company
- 12.3.8. Sagicor Life Insurance Company
- 12.3.9. Globe Life and Accident Insurance Company
- 12.3.10. Assurity Life Insurance Company
- 12.3.11. Colonial Penn
- 12.3.12. Fidelity Life Association
- 12.3.13. Foresters Financial
- 12.3.14. Sentinel Security Life Inc.
- 12.3.15. Progressive Casualty Insurance Company
- 12.3.16. Mutual of Omaha Insurance Company
- 12.3.17. Choice Mutual
- 12.3.18. AIG
- 12.3.19. Transamerica
- 12.3.20. Americo Financial Life

13. Appendix

13.1. Research Methodology
13.2. Research Assumptions
13.3. Acronyms and Abbreviations

Burial Insurance Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2025 - 2032