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United States Burial Insurance Market Analysis Report 2023-2030: Rising Cost Of Funeral Expenditure Driving Growth
Wednesday, October 11, 2023
DUBLIN, Oct. 3, 2023 /PRNewswire/ -- The "U.S. Burial Insurance Market Size, Share & Trends Analysis Report By Coverage Type (Level Death Benefit, Guaranteed Acceptance), By Age Of End-user, By State, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
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The U. S. burial insurance market size is expected to reach USD 92.59 billion by 2030, registering a CAGR of 3.4% from 2023 to 2030
The growth is attributed to the rising awareness among people about burial insurance. Furthermore, due to the rising awareness, companies through their marketing strategies are trying to enter the market, whereby the marketing strategies include providing various funeral insurance plans which could attract a wide range of people.
Burial insurance is uniquely created to cover one-time and short-term expenses, where its major application is covering funeral costs, in contrast to conventional universal, whole life, and term life policies. However, as the number of insurance companies has grown, product bundling has become a very common practice in the insurance industry. As a result, burial insurance can now be used to pay for any final expenses, such as unpaid medical bills, credit card debt, or other bills accumulated in the month of death (utility bills, phone bills, etc.).
To take advantage of diverse sorts of services and technological capabilities needed for future success, forward-thinking insurers are widening their options and going beyond conventional vendors. To improve company position in the global burial insurance market, these companies have used a variety of strategies, including partnerships, collaborations, product launches, joint ventures, and mergers and acquisitions.
For instance, on February 28, 2022, Westpac Life was bought by Fidelity Life, the country's largest privately owned life insurance provider, for 400 million New Zealand dollars. In connection with the sale, Westpac Life changed its name to Fidelity Insurance and signed a 15-year contract with Westpac NZ for the distribution of life insurance. For the next 15 years, Westpac NZ will offer Fidelity Insurance products to its retail clients as part of this agreement. The deal's parameters haven't altered since they were initially disclosed on July 6, 2021.
U. S. Burial Insurance Market Report Highlights
-- In the coverage type segment, modified or graded death benefits had the
biggest revenue share of around 46% in 2021. The rather swift increase,
with a CAGR of 4.4% for the level death benefit coverage type, comes
next
-- In terms of end-user age, those over 60 and 70 account for the greatest
revenue shares, accounting for about 31% and 32% of the market
respectively in 2021. This group is anticipated to maintain its
dominance during the forecast period. Moreover, individuals over 80 are
expected to account for a pretty large increase over the course of the
projection period, with a positive CAGR of 4.4%, as the population ages,
which is anticipated to promote market growth
-- One of the largest challenges confronting health insurance companies and
other private payers in the U. S. is the increased demand for funeral
services and their accompanying expenses. This has made it feasible for
several government programs to be implemented, ensuring that everyone,
regardless of circumstance, receives adequate end-of-life care. As more
individuals understand these efforts and as insurance firms focus more
on providing end-to-end plans to customers, the overall market is
expected to expand
-- Additional factors boosting the market expansion during the projected
period include increased awareness about funeral insurance, expanding
healthcare coverage, increased competition, and related collaboration to
provide policy applicants a better coverage
-- Key players also contribute to market growth by entering into
partnerships, engaging in mergers and acquisitions, and launching new
products. For instance, Nassau Financial Group, L. P. completed the
acquisition of Foresters Life Insurance and Annuity Company in July
2020. By making this purchase, the company has upheld its promise to
continue using the independent Foresters branch and leveraging
goal-driven organizations to fuel the expansion of its insurance
business in the U. S.
Burial Insurance Market Dynamics
Market Driver Analysis
-- Growing Awareness Of The Coverages And Benefits Of Burial Insurance
-- Rising Cost Of Funeral Expenditure
-- Growing Competition And Related Collaboration To Bring In A Better
Product For The Policy Seekers
-- Growing Aging Population And Digitization
Market Restraints Analysis
-- Limited Reach Of Burial Insurance Policy
-- Unmet Needs/opportunity Analysis
-- Expanding The Online Sales Strategy
Burial Insurance Market Analysis Tools: Porter's Five Forces Analysis
Pestel Analysis
Regulatory Framework
Competitor Product Price-based Analysis
Covid-19 Impact Analysis
Company Profiles
-- Foresters Financial Services Inc (Acquired By Nassau Financial Group,
L.p. Also Known As 'nassau')
-- Royal Neighbors Of America
-- Gerber Life Insurance Company
-- Aetna Inc.
-- Globe Life Inc. (Globe Life And Accident Insurance Company)
-- Mutual Of Omaha
-- Fidelity Life Association
-- Allianz Life
-- Colonial Penn
-- The Baltimore Life
For more information about this report visit https://www.researchandmarkets.com/r/503ec4
About ResearchAndMarkets.com
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SOURCE Research and Markets
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