Allied Market Research

2024

Final Expenses Insurance Market

Final Expenses Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Permanent, Non-Permanent), by Application (Agency, Brokers, Bancassurance, Digital Direct Channels) and by Age Group (Less than 3 Years, 4-17 Years, 18-35 Years, 35 and Above): Global Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: | Vineet Kumar
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Final expenses insurance is a type of whole life insurance with a low death benefit that is easier to qualify for “funeral insurance,” “burial insurance,” “simplified issue whole life insurance,” and “modified whole life insurance” are all terms used to describe final expense insurance. Other than the fact that insurers sell smaller policies to make it more affordable, there is no difference between final expense insurance and regular life insurance. In addition, many people who are interested in final expense insurance are motivated by an illness or proximity to a recent death, rather than by their age.Furthermore, the death benefit of final expense insurance is designed to cover costs such as a funeral or memorial service, embalming and a casket, or cremation. The beneficiaries,which are the family members of the customer on the other hand, can use the death benefit for anything they want, including paying off debts.Moreover, despite the fact that final expense insurance is designed to cover funeral costs, the death benefit can be used for anything, including medical bills, credit card debt, and mortgage payments. The beneficiary of the life insurance policy has the final say on how the death benefit is & should be spent.Therefore, the surge in demand for final expenses insurance is expected to boost the growth of the market in the upcoming years.

The Final Expenses Insurance market is segmented on the basis of Type, Application, Age Group,and Region. Based on type, the market is divided into Permanent and Non-Permanent. In terms of application, the market is categorized into Agency, Brokers, Bancassurance, and Digital & Direct Channels. On the basis of Age Group, the market is divided into Less than 3 Years, 4-17 Years, 18-35 Years, and 35 & Above.. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

COVID-19 scenario analysis

The COVID-19 pandemic has resulted in the implementation of social distancing guidelines, which encouraged people to keep a 6-foot separation between them. Those guidelines have posed a challenge to traditional underwriting for life insurance companies.

During the outbreak of COVID-19, the interest of consumers in the life insurance plans has drastically increased, and final expenses insurance plans is no less.Final expenses insurance plans were purchased during the COVID-19 pandemic, though it hasrequired a slightly different underwriting process that does not actually require an in-person health exam.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

The growing awareness for health plans among the consumers, customizable plans offered by insurers as per the consumer’s experiences, pandemic situations in a region or world are the factors that drive and helps in reducing future financial worries are driving the growth of the market. In addition, providing numerous financial benefits for income tax propels the growth of the market. However, availability of number of similar insurance policies might impede the growth of the market. Contrarily, risk of uncertain deaths is expected to provide lucrative opportunities to the market in the upcoming years.

The global final expenses insurancemarket trends are as follows:

Growing demand for health plans among consumers

Due to health condition, many people are unable to obtain certain insurance policies. Applicants with poor health have complete freedom to pursue final expense insurance, and one will not be denied coverage due to poor health or preexisting medical conditions. Furthermore, many people cannot even afford life insurance policies worth more than $50,000. But that doesn’t mean that they cannot get life insurance, it just means that final expense insurance may be a viable option for them, as even small insurance policies can help cover the cost of a funeral & other financial obligations. Therefore, as most of the customers can only afford minimum premium final expense insurance, there has been a growing demand for minimum premium, and this is further expected to drive the growth of the final expenses insurance market during the forecast period.

Customizable plans offered by insurers as per the consumer’s experiences

As there will be an option of minimum premium insurance plan, the customers need not worry about financial burden. This will further assist the customer’s family members if they can leverage the final expense insurance for some costs, after the death of the customer. Furthermore, an insurer can't reduce customer policy's death benefit unless there's a good reason, so the customer’s family members can rest easy knowing they'll get some help. Moreover, the family members can use the death benefit from a final expense insurance policy for whatever they want, just similar to that of standard life insurance. The benefit will also be guaranteed if premiums are paid. Therefore, the assistance in reducing future financial worries is another factor, which contributes in driving the growth of the final expenses insurance market during the forecast period.

Key benefits of the report:

  • This study presents analytical depiction of the global final expenses insurancemarket 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 market share.     
  • The current market is quantitatively analyzed to highlight the global final expenses insurancemarket growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Questions answered in the final expenses insurancemarket research report:    

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

Final Expenses Insurance Market Report Highlights

Aspects Details
Final Expenses Insurance Market By Type
By Type
  • Permanent
  • Non-Permanent
Final Expenses Insurance Market By Application
By Application
  • Agency
  • Brokers
  • Bancassurance
  • Digital & Direct Channels
Final Expenses Insurance Market By Age Group
By Age Group
  • Less than 3 Years
  • 4-17 Years
  • 18-35 Years
  • 35 and Above
Final Expenses Insurance Market By Region
By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players
Key Market Players

Allianz, MetLife Services and Solutions LLC, Zurich, Allstate Insurance Company, Aviva, Liberty Mutual Insurance, Chubb, Prudential Financial Inc, AXA, Reliance Nippon Life Insurance Company Limited

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Final Expenses Insurance Market

Global Opportunity Analysis and Industry Forecast, 2023-2032