Global Burial Insurance Market 2025 – 2034

Reports Description

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 Overview

The demand for burial insurance is anticipated to be driven by the need to alleviate the financial burden on family members and the growing preference for traditional funerary formalities. Furthermore, the market has experienced growth as a result of the increasing number of promotional and awareness campaigns by insurance companies that emphasize the advantages of a pre-paid burial plan.

Nevertheless, the market is anticipated to be impeded by factors such as the availability of alternative post-death expense coverage options and the preference for affordable cremation services.

Burial insurance is a specific form of life insurance that is intended to cover final expenses. It is also referred to as final expense insurance or funerary insurance. This is a whole life insurance policy that is typically designed to cover the final expenses and funeral costs.

The death benefit is typically modest, ranging from $5,000 to $25,000. Additionally, this policy provides flexibility in the context of funerary planning. Burying insurance, in contrast to pre-paid funeral plans, enables beneficiaries to select the funeral home, make decisions regarding the funeral service, and utilize the funds as required within the policy’s coverage limits.

Burial Insurance Market Growth Factors

The growth of the burial insurance market is driven by the aging population, increasing funeral costs, and the convenience of access and affordability of burial insurance policies. As the global population continues to age, there is an increasing demand for financial solutions to offset end-of-life expenses, such as funerary and burial expenses. Individuals and families can ensure that these expenses are covered by purchasing burial insurance in advance.

Additionally, the expense of funerals and burials has been consistently rising over the years. Burial insurance provides a means for individuals to alleviate the financial burden on their families by securing funds that are explicitly allocated for funeral expenses.

Furthermore, the burial insurance market’s expansion was substantially expedited by burial insurance providers’ enhanced marketing initiatives and increased awareness. Insurance companies and funeral service providers have been actively promoting burial insurance products to raise awareness among consumers about the significance and benefits of arranging for funeral expenses. This has facilitated the expansion of the burial insurance market by increasing marketing efforts.

Nevertheless, the funerary insurance market’s expansion is significantly impeded by underwriting and eligibility requirements, as well as limited awareness. A significant number of individuals are either oblivious of burial insurance or have a limited comprehension of its advantages.

The market’s expansion is impeded by this lack of awareness. In contrast, the burial insurance market has experienced significant growth as a result of technological advancements and digital distribution channels.

Additionally, the burial insurance market is anticipated to generate lucrative opportunities for expansion in the years ahead as a result of the growing awareness and adoption of burial insurance policies, as well as the customization and flexibility of these policies.

In contrast to conventional life insurance policies, burial insurance policies provide a high degree of flexibility and customization. They are specifically intended to provide coverage for funeral and burial expenses, and policyholders have the flexibility to select the coverage amount and duration that best suit their individual requirements.

The market growth has been facilitated by the ability to customize the policy to meet the unique needs of each individual, which has made burial insurance more appealing to consumers.

Burial Insurance Market Trends

Aging Population Growth: The burial insurance market is significantly influenced by the geriatric population. The demand for funeral and burial services is on the rise as the population ages. Burial insurance enables individuals to anticipate and fund these expenses in advance, thereby preventing their loved ones from being financially obligated in the aftermath of their passing.

Furthermore, burial insurance providers provide a variety of coverage options to accommodate the diverse requirements of their clients. This comprises a variety of benefit quantities and policy durations, enabling customers to select a plan that is in accordance with their unique needs.

Additionally, certain burial insurance providers form partnerships to provide customers with advantages such as preferred provider networks and discounted services, thereby improving the overall customer experience.

For example, in April 2021, USAA Life Insurance Company announced a guaranteed issue whole life insurance solution as a result of a strategic partnership with Mutual of Omaha Insurance Company, a prominent provider of life insurance solutions. The new product offers USAA members access to a guaranteed issue whole life insurance solution that is specifically designed to assist in the coverage of final expenses, such as burial or funerary services.

The process of customization, adaptability, and accessibility: In contrast to conventional life insurance policies, burial insurance policies provide a high degree of flexibility and customization. They are specifically intended to provide coverage for funeral and burial expenses, and policyholders have the flexibility to select the coverage amount and duration that best suit their individual requirements.

The market growth has been facilitated by the ability to customize the policy to meet the unique needs of each individual, which has made burial insurance more appealing to consumers.

Additionally, the underwriting processes for burial insurance policies have been simplified, thereby increasing their accessibility to a broader class of individuals.

These policies are more accessible to individuals with pre-existing medical conditions or older individuals who may have difficulty obtaining traditional life insurance due to their simplified health questionnaires and reduced face value coverage. Consequently, these factors facilitated the expansion of the burial insurance market.

Growth in Recognition and Knowledge:

There has been an increasing recognition among individuals regarding the financial burden that their families will bear in the event of their demise. Consequently, individuals are more likely to contemplate burial insurance as a way to alleviate the financial burden on their loved ones. New opportunities for market growth have emerged as a result of the growing acceptance of burial insurance.

Furthermore, insurance companies and funeral service providers have been actively promoting burial insurance products to raise consumer awareness of the significance and advantages of planning for funeral expenses. For example, in January 2023, Choice Mutual Insurance Agency expanded its business by selling final expense insurance policies, which are also known as burial, mortuary, incineration, and end-of-life insurance.

Burial Insurance Market Restraining Factors

Elderly individuals are defrauded by misleading advertisements:

Deceptive expenditure life insurance advertisements have resulted in the loss of money and uncertainty for seniors seeking affordable burial insurance. Companies employ deceptive marketing strategies, such as “government burial insurance” or “pennies a day,” to allure consumers into plans that provide less coverage than expected. For example, Colonial Penn’s US$ 9.95 plan provides seniors with less than US$ 1,000 of coverage per unit, which is significantly less than the estimate of many.

In 2021, Executives Financial Group, a Florida-based business, was found guilty of defrauding elderly individuals out of over $5 million by submitting false claims for government-backed funerary insurance.

After being deceived into believing they were receiving comprehensive coverage, victims discovered that their insurance was either fraudulent or only provided minimal reimbursements. This underscores the importance of conducting thorough research before purchasing burial insurance. This includes verifying the insurer’s qualifications, reviewing the policy’s fine print, and consulting with independent counsel.

Burial Insurance Market Segmentation Analysis

Based on Coverage:

The burial insurance market can be divided into three primary coverages: level death benefit, guaranteed acceptance, and modified or graded death benefit. In 2024, the modified or graded death benefit segment accounted for the highest revenue share, 46.9%. The dynamic nature of premiums within this category is the primary reason for this dominance.

Modified or graded death benefit plans, in contrast to level death benefit plans, permit premium adjustments after five to ten years rather than throughout the policy term. Although the death benefit remains constant, premiums may increase over time, frequently experiencing a single increase during the premium payment term.

Conversely, the CAGR for a level death benefit option is anticipated to be the most rapid during the forecast period. It guarantees coverage for the duration of the policy. This guarantees that the compensation remains consistent, regardless of whether the insured passes away at the beginning of the term or near its conclusion.

Additionally, the full death benefit is promptly disbursed with level death benefit coverage. The relatively low premiums associated with level death benefit plans are expected to spur rapid adoption from a consumer perspective, thereby significantly contributing to the overall growth of this segment.

Based on End User:

In 2024, the over-70 segment generated the highest revenue share at 32.7%. The high prevalence of deleterious conditions in this age group is the primary reason for the segment’s anticipated maintenance of dominance during the forecast period.

Age is a critical factor that directly impacts the cost of purchasing burial insurance. Particularly in Europe and the United States, funeral expenses are relatively substantial. Senior policyholders frequently pursue comprehensive coverage that encompasses all aspects of final expense planning, such as funerary costs, as a precautionary measure.

Consequently, the financial effects are mitigated by the inclusion of a funeral expense benefit in policy plans, which provides substantial value to the individual and their family members. It is anticipated that the over 80 segment will experience the highest CAGR during the forecast period.

Morbid conditions are more likely to be assigned to senior individuals who are approaching or have reached the age of 80. This directly results in a premium price increase for this demographic. Furthermore, in developed countries, a substantial proportion of the population in this age bracket already has health insurance coverage.

As a result, the renewal rate for existing policies is generally higher than the acquisition rate for new policies. This trend implies that funeral expense coverage may be included or already included in the current plans of existing policyholders, which would further contribute to the overall market growth.

Report Scope

Burial Insurance Market Regional Analysis

North America is the dominant region:

In 2025, North America is expected to hold a 38.7% market share in the funerary insurance sector. This can be attributed to the well-established industry practices and the strong presence of insurance providers. The expansion of private insurers is encouraged by policies in countries like the United States.

Additionally, the prevalence of burial insurance plans in the region is influenced by social norms regarding the financial support of deceased family members.

Asia Pacific is the fastest-growing region:

Led by China, India, and other emerging markets, the burial insurance industry is experiencing the most rapid growth in the Asia Pacific region. Consumers are increasingly considering life stages, including mortality and its subsequent expenses, as a result of increasing incomes and awareness of financial planning.

Additionally, governments are advocating for inclusive insurance policies to assist citizens of all income levels. Sun Life Financial Inc. and other significant global insurers have entered these markets in order to capitalize on the increasing demand.

The United States’ market is distinguished by its innovation and scale:

The United States is the dominant force in the North American funerary insurance industry as a result of its competitive environment, advanced technology integration, large and diverse consumer base, and robust regulatory framework. Transamerica, a life insurance company in the United States, introduced FE Express in September 2025.

This digital platform provides final expense insurance coverage for a lifetime of up to US$50,000 with assured level premiums. Online administration and optional funeral concierge services are available, and applications can be completed in as little as 10 minutes.

Enhancing Consumer Confidence in Insurance in the United Kingdom:

The U.K., a global financial center, plays a substantial role in the burial insurance industry due to its consumer-centric approach and robust regulatory framework. The Financial Conduct Authority (FCA) in the United Kingdom has encouraged life insurers to enhance the efficiency of bereavement claim processing and to assess the customer experience.

The average claim processing time varies significantly, ranging from 20 to 122 days, depending on the type of policy, and data monitoring is inconsistent, although some firms offer excellent support.

Burial Insurance Market Recent Developments

• The acquisition of a minor stake in Fairview Capital, a leader in private equity investing and venture capital, was announced by New York Life Insurance in April 2024. The objective of this acquisition is to generate additional opportunities for Fairview. For example, in order to address the wealth disparity for undercapitalized and underserved communities, the organization intends to allocate USD one billion.

• Canadian Premier Life Insurance Company acquired Western & Southern Financial Group, a U.S.-based company, in February 2020 to acquire business segments of the Canadian Life Insurance business that operate under the Gerber Life brand. The company intends to concentrate on the expansion of its operations into other insurance sectors due to this acquisition.

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