Burial Insurance Market Outlook 2025-2032: Global Size to Hit US$ 449.4 Mn, Finds Persistence Market Research

The global burial insurance market is poised for significant growth over the next several years. Currently valued at approximately USD 312 million in 2025, it is expected to reach USD 449.4 million by 2032, with a compound annual growth rate (CAGR) of 5.4%. This market growth is driven primarily by an aging population, rising funeral costs, and increasing consumer awareness about the financial burdens associated with end-of-life expenses. Burial insurance offers a crucial safety net by providing families with the financial resources necessary to cover funeral expenses, ensuring that the financial impact on loved ones is minimized.

The market's expansion is also influenced by the growing availability and awareness of burial insurance products across more than 50 countries worldwide. In regions such as North America, Europe, and parts of Asia-Pacific, burial insurance is being integrated into broader financial planning frameworks, which also include life and health insurance products. Additionally, burial insurance plays a vital role in relieving the financial pressures on healthcare systems, especially by covering the costs associated with hospice and palliative care. With more people seeking financial security for their families, the burial insurance market is experiencing robust growth.

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Key Growth Drivers Behind Market Expansion

Several key factors are contributing to the growth of the burial insurance market. First and foremost is the global aging population, which is leading to higher demand for burial insurance products, particularly among seniors. According to statistics, individuals over 70 years old represent a significant market segment, and this demographic is expected to hold 34.6% of the market share by 2025. The prevalence of chronic illnesses and morbid conditions such as cardiovascular diseases, cancer, and diabetes among the elderly population further drives the need for burial coverage.

The rising cost of funeral services is another major driver of the market. In the United States, the average cost of a funeral reached USD 7,848 in 2021, and burial services can easily exceed USD 9,000. As these expenses continue to rise, consumers are increasingly turning to burial insurance policies to ensure that their families are not burdened with these high costs. This trend is particularly notable in countries such as the U.S., Canada, the U.K., and Germany, where pre-need funeral insurance plans are becoming more commonplace.

Leading Segment and Geographic Region

In terms of market segments, the modified or graded death benefits category is expected to dominate the burial insurance market in 2025, accounting for 44.7% of the market share. These policies are particularly attractive because they offer flexible premium adjustments after 5 to 10 years, providing policyholders with more options to meet their financial needs as they age. The level death benefits segment is also seeing an uptick in demand due to its guaranteed coverage from the outset and its comparatively lower premiums.

Geographically, North America is set to lead the global burial insurance market, holding an anticipated 37.4% share in 2025. This can be attributed to the integration of burial insurance into broader insurance plans and favorable government policies. For instance, in the U.S., many individuals are bundling funeral coverage with life and health insurance products, driven by government programs like the Affordable Care Act (ACA). North America's robust insurance infrastructure, coupled with increasing digital adoption in the insurance space, positions the region as the market leader.

Key Highlights from the Report

• Global burial insurance market size projected to grow from USD 312 million in 2025 to USD 449.4 million by 2032.

• The modified death benefits segment is expected to dominate the market, capturing 44.7% of the share in 2025.

• The over-70 age group is expected to hold 34.6% of the global market share by 2025 due to the high prevalence of chronic illnesses.

• North America is projected to hold 37.4% of the global market share in 2025, with a CAGR of 5.1% from 2025 to 2032.

• Insurance brokers are predicted to account for 48.7% of the burial insurance market in 2025.

• The surge in demand for burial insurance is primarily driven by rising funeral costs and the aging population.

Market Segmentation

The burial insurance market is segmented based on several factors, including insurance coverage, age group, distribution channels, and geographical regions.

In terms of insurance coverage, burial insurance is available in three major categories: level death benefits, guaranteed acceptance, and modified or graded death benefits. The level death benefit segment is gaining popularity due to its immediate payout and lower premium structure, making it an appealing choice for individuals looking for guaranteed financial security. The guaranteed acceptance segment, which does not require a medical exam, has seen an uptick in demand as it is accessible to seniors or individuals with pre-existing health conditions. Meanwhile, modified or graded death benefits are particularly attractive because they offer flexible premium adjustments after a few years, providing policyholders with more control over their insurance plans.

In terms of end-users, the over-70 age group is anticipated to be the dominant demographic, accounting for 34.6% of the market share in 2025. This is largely due to the high prevalence of chronic illnesses and the increasing need for end-of-life financial planning among this group. The over-50 and over-60 age groups are also significant, as many individuals begin to plan for their funerals as they approach their senior years. These age groups are more likely to seek policies with lower premiums, simplified issue policies, and guaranteed acceptance options.

The distribution channels in the burial insurance market are largely dominated by insurance brokers, who are projected to account for 48.7% of the market in 2025. Digital platforms and insurtech companies are gaining traction, providing consumers with easy access to burial insurance plans without the need for medical exams, thereby increasing the accessibility and affordability of these policies.

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Regional Insights

North America

North America leads the global burial insurance market, primarily due to the region's extensive insurance infrastructure and high demand for funeral-related insurance coverage. The U.S., in particular, is experiencing a surge in burial insurance adoption, driven by the high average funeral costs and the increasing awareness about the need for end-of-life financial planning. Additionally, the integration of burial insurance with life and health policies, as well as the proliferation of digital platforms for easier access to insurance plans, is fueling growth in the region.

Europe

In Europe, the demand for burial insurance is rising steadily, with countries like Germany, France, and the U.K. witnessing increased adoption of group funeral insurance plans. These plans, often provided by insurers like AXA, Allianz, and Aviva, offer affordable coverage for various funeral-related expenses, making them an attractive option for businesses, unions, and senior citizen organizations. The rise in pre-planned funerals in Spain and the Netherlands, along with the growing availability of group funeral policies, is driving market growth in the region.

Asia-Pacific

Asia-Pacific is another region showing robust growth in the burial insurance market, particularly in countries with large aging populations like Japan, China, and India. In Japan, where cremation is the preferred method of burial, insurers offer specialized policies tailored to the country's unique burial customs. In China and India, the demand for burial insurance is growing due to rising funeral costs and the increasing life expectancy, driving the need for financial security related to funeral expenses.

Market Drivers

The primary driver behind the growth of the burial insurance market is the increasing financial burden placed on families due to rising funeral costs. As funeral expenses continue to climb, individuals are more likely to turn to burial insurance as a way to safeguard their loved ones from this financial strain. Moreover, the growing awareness of the importance of pre-planning funeral costs is encouraging consumers to seek burial insurance early on, particularly among seniors who are preparing for end-of-life care.

Another key factor is the expanding availability of burial insurance policies that cater to various needs. Insurance companies are now offering flexible, no-exam policies that are accessible to seniors and individuals with pre-existing health conditions, further driving adoption. The increasing integration of burial insurance with life insurance and health insurance products, especially in North America and Europe, is also fostering growth in the market.

Market Opportunities

The rise of digital platforms presents a significant opportunity for growth in the burial insurance market. Insurtech companies, such as Ethos and Bestow, are leveraging technology to streamline the application process and provide instant approval for policies, making burial insurance more accessible and convenient. Additionally, the increase in online research and purchasing behaviors, especially among younger consumers, is expected to drive further adoption of burial insurance.

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Company Insights

Key players in the burial insurance market include:

• Baltimore Life Insurance Company
• United Home Life Insurance Company
• Allianz Life
• State Farm Mutual Automobile Insurance Company
• New York Life Insurance
• Gerber Life Insurance Company
• AAA Life Insurance Company
• Sagicor Life Insurance Company
• Globe Life and Accident Insurance Company
• Assurity Life Insurance Company
• Colonial Penn
• Fidelity Life Association
• Foresters Financial
• Sentinel Security Life Inc.
• Progressive Casualty Insurance Company
• Mutual of Omaha Insurance Company
• Choice Mutual
• AIG
• Transamerica
• Americo Financial Life

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

Recent Developments

December 2024: National Guardian Life Insurance Company (NGL) launched a dedicated funeral home support phone line to assist funeral home directors and staff with claims filing, policy inquiries, and operational needs.

October 2024: Sanlam Life Insurance Uganda introduced the Sanlam Comprehensive Life Program, a funeral insurance plan for families aged 18 to 65, offering various benefits and technology integration.

Conclusion

The burial insurance market is set to grow rapidly as an aging population, increasing funeral costs, and heightened awareness of the need for end-of-life financial planning continue to drive demand for burial insurance products. North America leads the market, but regions like Europe and Asia-Pacific are also witnessing significant growth as burial insurance becomes an essential part of global financial planning. While challenges like misleading advertising persist, the rise of digital platforms and the ongoing diversification of burial insurance products create promising opportunities for continued market expansion.

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