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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Burial Insurance Market
Request Now !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.
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.
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.
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
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 |
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 |
Questions Answered in the Global Burial Insurance Market Research Report
Key Market Segments
Segments | Sub-segments |
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By Coverage |
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By End User Age |
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By Region |
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Key Market Players
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