From $142.9 Billion to $370.1 Billion — The Remarkable Growth of the Global Burial Insurance Market 2022–2032

Allied Market Research has published a report titled, “Burial Insurance Market Size by Type (Simplified Issue, Guaranteed Issue, and Pre-need Insurance) and Age of End User (Over 50, Over 60, Over 70, and Over 80): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global burial insurance industry generated $142.9 billion in 2022 and is anticipated to reach $370.1 billion by 2032, registering a CAGR of 10.3% from 2023 to 2032.

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Prime Determinants of Growth

The global burial insurance market is witnessing steady growth driven by factors such as the rising aging population, escalating funeral costs, and growing awareness along with increased marketing initiatives by burial insurance providers. Conversely, limited awareness among consumers, shifting preferences, and stringent underwriting and eligibility requirements have somewhat restrained market growth. However, the growing acceptance of burial insurance, coupled with technological advancements and the emergence of digital distribution channels, has unlocked new avenues for market expansion.

Guaranteed Issue Segment to Sustain Its Leadership Position Throughout the Forecast Period

Based on type, the guaranteed issue segment held the largest market share in 2022, accounting for nearly half of the total global burial insurance market revenue, and is anticipated to retain its leading position throughout the forecast period. The segment is further projected to record the highest CAGR of 11.9% from 2023 to 2032, primarily due to the absence of a medical examination requirement. The application process for guaranteed issue burial insurance is simple and hassle-free, requiring applicants to answer only a few basic questions related to age, gender, and in some cases, tobacco usage. This ease of access makes it more attainable for a broader demographic, including senior adults and individuals with limited mobility.

Over 60 Segment to Retain Its Leading Position Throughout the Forecast Period

By age of end user, the over 70 segment commanded the highest market share in 2022, representing more than one-third of the global burial insurance market revenue. Meanwhile, the over 60 segment is expected to sustain its leading position in terms of revenue throughout the forecast period, as burial insurance policies in this category are comparatively easier to obtain than traditional life insurance. Policies designed for the over 70 age group offer greater affordability with lower premium payments relative to other types of insurance coverage. On the other hand, the over 50 segment is projected to exhibit the fastest CAGR of 12.5% from 2023 to 2032, as individuals in this age group increasingly recognize the importance of planning ahead to cover funeral expenses without placing financial pressure on their loved ones. Burial insurance offers more relaxed underwriting standards compared to conventional life insurance, making it easier for individuals over 50 — including those with pre-existing health conditions — to qualify. The simplified application process and minimal medical requirements make burial insurance a particularly appealing option for this demographic.

North America to Sustain Its Dominance Through 2032

From a regional standpoint, North America held the largest market share in 2022, contributing approximately two-fifths of the global burial insurance market revenue, and is expected to continue its dominance throughout the forecast period. This is largely attributed to increasing awareness about burial insurance coverage, a growing aging population, rising funeral costs, and expanding marketing efforts. However, the Asia-Pacific region is forecasted to register the fastest CAGR of 14.8% from 2023 to 2032, driven by an aging population, rising awareness about end-of-life expenses, evolving socioeconomic conditions, increasing healthcare costs, greater accessibility and customization of burial insurance policies, and supportive government initiatives. These combined factors are collectively fueling the growing demand for burial insurance products across the region.

Leading Market Players:

• Colonial Penn
• Globe Life and Accident Insurance Company
• Mutual of Omaha Insurance Company
• Progressive Casualty Insurance Company
• Foresters Financial
• State Farm Mutual Automobile Insurance Company
• Sentinel Security Life Inc.
• Fidelity Life Association
• Choice Mutual
• The Baltimore Life Insurance Company

The report delivers a thorough analysis of these prominent players in the global burial insurance market. These companies have embraced a variety of strategic approaches — including new product launches, collaborations, business expansions, joint ventures, and agreements — to strengthen their market positions and maintain dominant shares across different regions. The report serves as a valuable resource in illuminating the business performance, operating segments, product portfolios, and strategic directions of key market players, offering a comprehensive view of the competitive landscape.

Burial Insurance Market Key Segments:

By Type:

• Simplified Issue
• Guaranteed Issue
• Pre-need Insurance

By Age of End User:

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