Global Burial Insurance Market Size Likely to Reach at a CAGR of 5.94% By 2034

Burial Insurance Market Size 

Global Burial Insurance Market size was valued at USD 313.5 Billion in 2025, and the total Automotive Engine Cover Market revenue is expected to grow at a CAGR of 5.94% over the forecast period, reaching nearly USD 458 Billion by 2034.

Burial Insurance Market Growth Factors and Dynamics

Increasing awareness of funeral expenditures:

The expenses associated with funerals and interment, such as caskets, burial plots, headstones, and ceremonial arrangements, have experienced a substantial increase in recent years. The average cost of a funeral in numerous countries can vary from thousands to tens of thousands of dollars. People must now make proactive arrangements for these expenses.

Burial insurance is a cost-effective solution for covering these expenses, as it provides financial stability and prevents families from utilizing their resources or taking out loans during difficult times. The media’s and financial planning initiatives’ increased public awareness of these expenses further exacerbates the necessity for burial insurance.

Burial Insurance Market Opportunity

Increased demand for affordable insurance options

The demand for insurance options that are reasonably priced and cater to lower-income groups is increasing as long as there are persistent economic uncertainties worldwide. Burial insurance is an affordable option that effectively addresses this requirement. Insurers can capitalize on this trend by developing micro-insurance models that require minimal premium payments on a weekly or monthly basis to ensure affordability.

Moreover, governments and non-governmental organizations that are committed to promoting financial inclusion may provide incentives for such initiatives, which would establish a favorable environment for insurers.

Report Scope

Burial Insurance Market Significant Industry Developments

• The National Guardian Life Insurance Company (NGL) established a specialized funeral home support phone line in December 2024 to provide assistance to funeral home directors and personnel with operational requirements, policy inquiries, and claims filing. The service has received favorable feedback and has answered thousands of inquiries since its inception.

• The Sanlam Comprehensive Life Program, a funerary insurance plan for families aged 18 to 65, was introduced by Sanlam Life Insurance Uganda in October 2024. This plan provides a variety of benefits and integrates technology.

• Nyala Insurance was awarded a two-year contract by the Ministry of Works and Skills in May 2024 to provide life insurance coverage for more than 500,000 Ethiopian workers who are traveling abroad. This coverage will encompass death, injuries, psychiatric disorders, and related issues.

• In April 2024, Madison Life Insurance Zambia Limited and Vitality Health International formed a partnership to introduce a distinctive health insurance solution in Zambia. This solution will improve the Vitality Malaria Benefit and funerary cover benefits.

Burial Insurance Market COVID-19 Impact

The COVID-19 pandemic had a significant impact on the Burial insurance market, resulting in an increase in demand due to the increased awareness of the importance of budgeting for funeral expenses. Many individuals, particularly older adults, contemplated or purchased burial insurance in response to the pandemic’s increase in fatalities in order to alleviate the financial burden of funerals.

However, the economic uncertainties of the pandemic also resulted in financial distress for many individuals, resulting in a reduction in their disposable income and a decrease in the purchase of insurance for certain groups. In addition, the pandemic has accelerated the transition to digital channels, which has resulted in a shift in consumer interactions with burial insurance products. As a result, insurers have implemented a greater number of online tools and services for policy purchases and claims processing.

List of the prominent players in the Burial Insurance Market:

• Gerber Life Insurance Company
• Zurich Insurance
• Ethos
• Globe Life
• Allianz Life
• Colonial Penn
• The Baltimore Life
• Generali
• Ethos
• State Farm
• New York Life Insurance
• Lemonade
• Others

The Burial Insurance Market is segmented as follows:

By Coverage

• Level Death Benefit
• Guaranteed Acceptance
• Modified or Graded Death Benefit

By End Use

• Over 50
• Over 60
• Over 70
• Over 80

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America