Burial Insurance Market

 Burial Insurance Market Size

The global burial insurance market was valued at USD 253.2 billion in 2024. The market is expected to reach from USD 269.9 billion in 2025 to USD 536.9 billion in 2034, growing at a CAGR of 7.9% during the forecast period. The high market growth is attributed to the growing awareness of financial planning, rising funeral costs, expansion of digital insurance platforms, and increasing global aging population, among other contributing factors.

The demand for burial insurance is increasing due to the growing elderly population in developed countries such as the U.S., Japan, and European nations. For instance, the U.S. Census Bureau indicates that citizens 65 years and older grew from 54.1 million in 2021 to 58.2 million in 2023, which makes up 17.7% of the total population. In addition, Japan’s elderly population reached 29.1% in 2022 while the European Union reported 21.1% of their population over 65 in 2023. The elderly population seeks these policies to reduce the financial impact on their family’s following death.

As reported by the World Health Organization, life expectancy has reached 73.3 years in 2023, which motivates many to plan for end-of-life expenses well in advance. These demographic changes foster market growth while prompting changes in product offerings to target seniors’ insurance needs.

Additionally, increases in funeral services, inflation, and cemetery charges have led to a steep increase in the cost associated with funeral services. To offset these increased costs, burial insurance provides an effective solution for families. For instance, the average cost of a funeral service in the U.S. is quoted to be beyond USD 8000 which proves to be an economic challenge for many families. Increased awareness, resulting from intensified economic pressure, will act as a strong motivating factor in the growth of pre-planned insurance policies.

Burial insurance, also known as final expense insurance is one of the life insurance products that cover expenses such as funerals and burials. It usually has a small range of death benefits from USD 5,000 to USD 25,000. This type of insurance is frequently advertised to the elderly and does not require a medical exam, making it easier to obtain for people with health conditions.

 Burial Insurance Market Trends

The burial insurance industry is rapidly expanding owing to the availability of new online sales applications with automated customer service powered by AI and chatbots, increased accessibility of no-medical-exam and guaranteed acceptance policies, more direct consumer marketing strategies aimed at neglected populations, and the use of burial insurance in emerging economies, among other factors are boosting the industry growth.

• The demand for burial insurance plans without medical examination requirements continues to increase, with the National Association of Funeral Directors (NAFD) reporting that 89% of funeral homes attended to increased queries concerning pre-need insurance in 2023. Acceptance guarantees mainly target older adults and those with chronic illnesses, as a report from the American Council of Life Insurers showed a 27% increase in policy applications from older 65 years in 2021-2023.
  
• Insurance companies now offer streamlined underwriting processes to expand their customer reach, leading to a 34% increase in the number of simplified issue policies originated in 2022 relative to 2021. While these policies come with higher premium payments, some hope of being covered is provided. The average guaranteed acceptance policy with no health qualification increased 15% in premium costs in 2023. These changes in the market foster restricted coverage qualification requirements policies instead of the previous age-based criteria. This is evidenced by the 42% of new burial insurance policies issued via simplified underwriting processes in 2023.
  
• Additionally, the increasing number of insurers are providing pre-need planning services as an adjunct to burial insurance, enabling clients to plan their funerals in advance. This approach goes beyond offering mere financial protection. It provides planning help, document oversight, and emotional assistance for stricken families. The tendency attracts people wanting to make complete preparations for life's final chapter. Providers are using this comprehensive offering to differentiate themselves in the market, thus expanding the market further.
  

 Burial Insurance Market Analysis

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Based on insurance coverage, the market is divided into guaranteed issue, simplified issue, pre-need insurance, level death benefit, and modified or graded death benefit. The guaranteed issue segment is projected to grow at 8.2% CAGR throughout the forecast period with the value of 194.4 billion by 2034.

• Guaranteed issue burial insurance is particularly beneficial for those who have suffered from serious health issues and have been denied traditional life insurance. These types of policies, which do not require a medical examination or health questionnaire to be filled out, are available to high-risk individuals. As populations age is accompanied by the prevalence of chronic illnesses, more people seek these alternatives. This driver is especially relevant for older adults and those with terminal or long-term conditions. The ease of qualification is a major selling point.
  
• These policies offer a quick and hassle-free application process, often completed online or over the phone. This appeals to people looking for immediate coverage without complex underwriting. These factors are extremely appealing to elderly patients and low-tech caregivers. The difference in marketing appeal focuses on the fact that there are no lengthy approval tests or waiting periods that come with results, thereby fast-tracking the conversion rate. Insurers do not beat around the bush when marketing at this speed.
  
• Furthermore, as funeral and burial costs continue to increase, even individuals who are uninsurable due to health status seek solutions to cover these expenses. Policies with guaranteed issue underwriting offer everyone, no matter their health, a means to plan for these expenses. These plans protect families from incurring debt or additional direct costs related to burials. Even though the premiums are higher, the economic burden of the increasing death care costs makes this type of coverage more appealing. Increased costs remain a consistent driver.
  

Based on age group, the burial insurance market is divided into 50–59 years, 60–69 years, 70–79 years, and 80+ years. In 2024, the 60–69 years segment is expected to drive business growth and expand at a CAGR of 8.1%, reaching over USD 204 billion by 2034.

• Individuals in the ages of 60 and 69 are more concerned with estate and end-of-life planning. Most of them are at or very close to retirement which increases the chances that they will consider obituaries and legacy funeral planning. At this stage of life, there is often the urge to ensure that family and dependents do not face potential financial challenges in the future. Burial insurance fits naturally into all of these plans. Unprepared finances in this stage of life become crucial and urgent.
  
• Additionally, many individuals in this age group lose access to group life insurance after retiring. Without employer-sponsored coverage, they turn to personal policies to fill the gap. Burial insurance becomes an affordable and accessible alternative, especially for those not qualifying for traditional life insurance. It provides a basic level of protection that many retirees seek. The need to self-insure after workforce exit is a strong market driver, thereby leading to the segmental growth of the market.
  

Based on premium type, the burial insurance market is bifurcated into single premium, monthly premium, and annual premium. The monthly premium segment generated the highest revenue of USD 139 billion in 2024.

• Monthly premium payments make burial insurance accessible to retirees, seniors, and low-income individuals who can’t afford large upfront payments. This flexible payment structure allows policyholders to manage their budgets without financial strain. Many seniors live on fixed incomes like pensions or Social Security, making monthly plans more realistic. Affordability through manageable premiums is a key selling point. It enables consistent coverage without sacrificing other necessities.
  
• Insurers often offer multiple monthly premium tiers based on coverage amount, age, and health status. This flexibility allows customers to choose a plan that fits both their needs and budget. Policyholders can scale up or down based on life changes or financial conditions. Customizable monthly premiums encourage higher enrollment, especially among cautious or first-time insurance buyers. It also helps insurers broaden their target demographic, thereby leading to segmental growth.

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Based on distribution channel, the burial insurance market is bifurcated into insurance agents, online portals, funeral homes, and other distribution channels. The insurance agents segment dominated the market with a revenue share of 39.8% in 2024.

• Many seniors prefer purchasing burial insurance over the phone because they are unfamiliar with complex financial products. An insurance agent can provide guidance, assist in comparing plans, and explain the complex details in a straightforward manner. These relationships, built on faith, are especially crucial for clients who are 60 years and older. Agents address emotional and tangible issues that digital solutions often miss. This assistance fosters greater consumer confidence and boosts policy acceptance.
  
• Agents often have simplified and guaranteed issue policies under burial insurance, which, in turn, provides attractive commissions to agents. These financial motivators make agents more likely to adopt these products into their portfolios. Insurers benefit from this model, as it lowers their marketing costs while still reaching specific target audiences. The high commissions also result in repeat sales, client upselling, and strong customer retention. Policyholder incentives supported agent market growth within the industry.

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U.S. burial insurance market was valued at USD 79.9 billion and USD 84.2 billion in 2021 and 2022, respectively. The market size reached USD 94.1 billion in 2024, growing from USD 89 billion in 2023.

• The average cost of a funeral in the U.S. ranges from 7,000 and 12,000 USD depending on services offered and locational factors. These escalating costs are forcing many Americans to buy burial insurance so as to safeguard their loved ones from financial strains. Burial insurance ensures that designated loved ones do not have to worry about paying for the deceased’s final expenses. In addition to inflation, demand for economical end-of-life insurance continues to rise, which also adds to the funeral services industry. This cost-driven concern is a primary market driver.
  
• Moreover, social security benefits are often accompanied with a minimal one-time death payment benefit of 255 USD, which is awfully insufficient compared to the funeral cost. This gap is mostly unknown to the public until they find themselves in the midst of funeral planning which sparks an interest in private burial insurance. The lack of public death benefits makes the need for financial protection ever so strong. Especially for low- to middle-income families, burial insurance helps fill this gap. Such a governmental gap stimulates demand for private markets.
  

Europe burial insurance market accounted for USD 73 billion in 2024 and is anticipated to show lucrative growth over the forecast period.

• Numerous European consumers have a cultural preference for structured, prepaid funerals that are planned well in advance and financed by the consumer. Burial insurance is often sold alongside prepaid services by funeral homes or insurers.
  
• These cultures tend to encourage savings and financial planning, which increases the demand for such services. The UK, Germany, and the Netherlands have steadily increased supply in these markets. These preferences are supported by burial insurance due to the financial flexibility it offers.
  
• Further, the increasing ethnic and religious population diversity in Europe has resulted in specific customized burial needs, such as repatriation of remains, certain burial customs, community ceremonies, or even community-based rituals. Such prerequisites might increase the complexity and costs associated with funerals.
  
• Insurance plans that cater to culturally sensitive issues are rapidly becoming the norm. Insurers are adding repatriation cover, multi-language policies, and culturally acceptable services. This factor applies especially in countries with a high concentration of immigrants, like France, Germany, and the UK.
  

Germany burial insurance market in the Europe is projected to grow remarkably in the coming years.

• Germany has a well-established tradition of a funeral expense insurance specifically designed to pay for funeral cost. These products are easy to understand, culturally accepted, and often sold to people aged 50 and above.
  
• Many Germans have appreciation for order and long-term planning, so these products are becoming more popular. This type of insurance is well known, which maintains steady demand within the market. It is also aided by high levels of public knowledge and a good attitude towards it.
  
• German funeral homes tend to partner with insurers so that prepaid funeral services come together with burial insurance into one product. These packages are easy to use and appealing to consumers who do not want to plan further and prefer “complete solutions.”
  
• Joint efforts by funeral service providers and insurers educate clients, making the purchasing decision simpler. These partnerships increase market reach, especially with older people who prefer to be helped through these processes.
  

The Asia Pacific burial insurance market is anticipated to grow at the highest CAGR of 8.5% during the analysis timeframe.

• Traditional extended family systems in many Asia Pacific countries such as India, China, and the Philippines are being replaced by nuclear families due to urban migration and modernization. As fewer children reside with or are geographically close to their aged parents, older adults are increasingly more interested in financial products like burial insurance to subsidize their dependency. This trend increases the burden of personal responsibility for planning the steps taken towards closure of life. With declining informal caregiving systems, insurance serves as an easier option.
  
• The surge in incomes and increased financial literacy across the emerging markets of the Asia Pacific is driving the purchase of life and burial insurance. There is increasing awareness of burial insurance among middle-class consumers in Indonesia, Vietnam, and Thailand who want to secure their family's future. Burials are becoming increasingly popular amongst insurers and are also supported by government financial education campaigns. This trend is particularly prominent among younger working adults purchasing coverage for their elderly parents.
  

Japan holds a dominant position in the Asia Pacific burial insurance market.

• The growth of the market in Japan is attributed to the availability and adoption of green funeral methods. Further, digitalization and awareness towards health have enhanced the value of the market.
  
• In addition, the change in the focus of the industry to sustainability is clear. Green consumers are shifting towards eco-burials, low-emission cremation alternatives, and biodegradable methods. Thus, innovation alongside inclusivity and customization that enables suppliers to meet diverse and competitive client needs is bolstering the growth of the market.
  

In the Latin America region, the burial insurance market in Mexico is expected to grow faster than in other countries during the period from 2025 to 2034.

• The burial insurance sector in Mexico represents one of the most recent developments in the country’s life insurance infrastructure. Based on documents issued by Axco Information Services, in 2019 Mexico was ranked 59th in the world in life insurance per capita, which suggests unavoidable growth as compared with other countries of the region.
  
• In addition, individual and group policies also increased in importance as they accounted for 67% and 23%, respectively, of the total premium, with others accounting for 10%. While specific measurements of the burial markets are unavailable, the general growth of the insurance market shows that there is increasing awareness and potential demand for such services as burial insurance.
  

Saudi Arabia burial insurance market is poised to witness substantial growth in Middle East and Africa market during the forecast period.

• Saudi Arabia hosts a large expatriate population; many of whom seek burial insurance to cover the repatriation of remains to their home countries. This is particularly important for workers from South Asia, the Philippines, and Africa.
  
• Repatriation can be costly and logistically complex, making insurance a practical solution. Employers and embassies often encourage or facilitate such coverage. The demand for international burial benefits is a strong driver in the Saudi Arabia.
  

Burial Insurance Market Share

The key players such as Foresters Financial, Royal Neighbors of America, State Farm, Mutual of Omaha, New York Life, and Lemonade collectively hold around 40% of the competitive market, which includes both major global players and agile smaller firms. These companies are enhancing their global market value by investing heavily in green technology and digitalization. Many are also collaborating with healthcare providers to seamlessly integrate innovations and expand their market reach. Furthermore, regulatory support and expedited approval processes are accelerating the adoption of new online technologies that cater to the growing demand in this market. Collectively, these factors strengthen the market positions of these companies in the rapidly growing burial insurance sector.

Burial Insurance Market Companies

Some of the eminent market participants operating in the market include:

• Allianz
• COLONIAL PENN
• ETHOS
• FIDELITY LIFE
• Foresters Financial
• GENERALI
• Gerber Life Insurance
• Globe Life
• Lemonade
• Mutual of Omaha
• NEW YORK LIFE
• Royal Neighbors of America
• State Farm
• The Baltimore Life
• ZURICH
  
• State Farm, a U.S.-based insurance company, offers a diversified portfolio of life insurance products, including term, whole, and universal life options. The company maintains a strong reputation for financial stability and customer service. Benefits include affordable rates, bundling discounts, and focused customer service.
  
• New York Life is a mutual life insurance company with a vast portfolio of wealth management, estate and retirement planning, investment services, life insurance, and other products.
  

Burial Insurance Industry News

• In December 2022, Octopus Group acquired Guardian Angel to expand its offerings in end-of-life planning and financial services. Guardian Angel, a UK based company, provides services such as funeral planning and burial insurance. This acquisition strengthened Octopus Group’s presence in the end-of-life market by integrating digital funeral and insurance planning tools, helping it taps into the growing demand for accessible and personalized burial insurance solutions.
  
• In February 2020, Canadian Premier Life Insurance Company acquired the Canadian life insurance business of U.S.-based Western & Southern Financial Group, which operated under the Gerber Life brand. With this acquisition, the company focused on expanding its operations into other areas of insurance. This moves enhanced Canadian Premier’s market footprint and diversified its offerings, allowing it to better serve the growing demand for life and burial insurance products across Canada through an established and trusted brand.
  

The burial insurance market research report includes an in-depth coverage of the industry with estimates and forecast in terms of revenue in USD Million from 2021 – 2034 for the following segments:

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Market, By Insurance Coverage

• Guaranteed issue
• Simplified issue
• Pre-need insurance
• Level death benefit
• Modified or graded death benefit

Market, By Age Group

• 50–59 years
• 60–69 years
• 70–79 years
• 80+ years

Market, By Premium Type

• Single premium
• Monthly premium
• Annual premium

Market, By Distribution Channel

• Insurance agents
• Online portals
• Funeral homes
• Other distribution channels

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada 
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands 
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea 
• Latin America
  • Brazil
  • Mexico
  • Argentina 
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • UAE