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Burial Insurance Market By Coverage (Level Death Benefit, Modified or Graded Death Benefit, and Guaranteed Acceptance) and End User Age (Over 50, Over 60, Over 70, and Over 80): Global Opportunity Analysis and Industry Forecast, 2020–2027

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Sep 2020 | 81 Views
 
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Burial Insurance Market Outlook – 2027 

The global burial insurance market is experiencing a considerable growth, and is expected to grow as funeral costs continue to rise since many years. Burial insurance is a form of insurance meant to cover the expenses after a person passes away, including funeral expenses. Moreover, the main objective of burial Insurance is to cover expenses associated with remembrance, burial, or funeral service and is provided in sums with flexible options for set budget. Beneficiaries are also entitled to assign the money to pay for deceased's unpaid bills, mortgage, and other costs.

 

The global burial insurance market is segmented on the basis of coverage, end user age, and region. Based on coverage, the market is divided into level death benefit, modified or graded death benefit, and guaranteed acceptance. In terms of end user age, the market is categorized into over 50, over 60, over 70, and over 80. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global burial insurance industry include AARP, Gerber Life Insurance Company, Foresters Financial Services Inc., Mutual of Omaha Insurance Company, Globe Life and Accident Insurance Company, Colonial Penn, The American Automobile Association Inc., and Fidelity Life Association. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global burial insurance market. 

Top Impacting Factors

Willingness of old age people to help provide funds to their family, so that they could to pay for funeral cost or save family from final debts. However, rise in competition, evolution in policy regulations, and low awareness toward burial insurance are some factors that hinder the burial insurance market growth. 

On the contrary, funeral and burial expenses are expected to rise and recent COVID-19 crisis has promoted the importance of burial insurance benefits. Such factors are expected to provide lucrative
opportunities for the market growth.

Surge in Demand From Direct Cremation Against Traditional Funeral Services

SunLife Insurance estimated that 44% of people who had recently arranged a funeral were unaware of a direct cremation option, which seems to be the cheapest form available under burial insurance policy. Moreover, it has been projected that only 19% of insured people prefer direct cremation benefit coverages provided under burial insurance policy. 

Rise in Funeral Costs

In the UK, funeral costs rose by 9% in 2019, in comparison to 4.7% in 2017. Owing to this, it has been projected that rise in funeral costs and unfair effect of those costs on low-income clients have largely affected burial expenses in the country. Therefore, government of the UK launched a funeral fund for children to cut costs for parents over the death of their children. Such factors are expected to boost the market growth.

Key Benefits of the Report

  • This study presents analytical depiction of the global burial insurance market size along with the current trends and future estimations to determine the imminent investment pockets.    
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global burial insurance market share.     
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed burial insurance market analysis based on the present and future competitive intensity of the market.

Market Scope and Structure Analysis

Report Metric

Details

Market Size Available For Years

2019-2027

Base Year Considered

2019

Forecast Period

2020-2027

Forecast Units

Value ($)

Segments Covered

Coverage, End User Age, and Region

Regions Covered

North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa

Companies Covered

Major players analyzed in the report include AARP, Gerber Life Insurance Company, Foresters Financial Services Inc., Mutual of Omaha Insurance Company, Globe Life and Accident Insurance Company, Colonial Penn, The American Automobile Association Inc., and Fidelity Life Association

 

COVID-19 Scenario Analysis

  • With a severe impact of the pandemic situation, mortality rate has tremendously increased worldwide. 
  • Owing to unimaginable deaths, burial grounds in most parts of Italy, Spain, the U.S., and China are facing shortage of rooms. 
  • The impact to life insurance companies has caused to settle numerous claims. The situation has caused an urgent requirement to purchase insurance for burial and funeral expenses. 

Burial Insurance Market Key Segments

Segments

Sub-Segments

Coverage

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

End User Age

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

 

Questions Answered in the Global Burial Insurance Market Research Report

  • Who are the leading market players active in the global burial insurance market?
  • What would be the detailed impact of COVID-19 on the global burial insurance market trends?
  • What current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the global burial insurance market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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