Latest News- Burial Insurance Market: Seniors is expected to lead the Age Group segment during 2025-2029

The Burial Insurance Market is being driven by Growth of geriatric population

The Burial Insurance Market is expected to grow at a CAGR of 5.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 72 billion. The burial insurance market is undergoing a transformative digital shift, with a growing emphasis on enhancing customer experiences and optimizing operational efficiencies. This trend is exemplified by Mutual of Omaha Insurance Co's (Mutual of Omaha) strategic collaboration with Acxiom, a leading customer intelligence firm, to launch a custom-built Customer Intelligence Solution (CIS) in May 2024. This initiative underscores the industry's commitment to leveraging advanced technologies to meet evolving consumer expectations and stay competitive. Digitalization in the burial insurance sector primarily focuses on personalized and seamless customer interactions, enabling more efficient and effective service delivery. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Age Group
  • Seniors
  • Pre-retirement individuals
  • High-risk individuals
• Product Type
  • Final expense life insurance
  • Pre-need burial insurance
  • Whole life burial insurance
  • Guaranteed issue burial insurance
  • Term burial insurance
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • Japan
    • South Korea
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth of geriatric population
• High funeral cost
• Inorganic growth strategies

However, the market also witnesses some limitations, which are as follows:

• Misleading advertisement
• Increasing complaints about insurance companies
• Limited coverage

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Market Scope in Burial Insurance Market Research Report

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Research Analysis Overview

In this comprehensive funeral planning guide, explore valuable tips and software for organizing end-of-life arrangements. Discover affordable options for funeral expenses, including pre-need funeral planning and funeral insurance. Learn about funeral home services, online purchase platforms, and funeral home directories. Address land scarcity concerns with burial services and grave markers. Consider estate planning, grief counseling, and memorial services. Delve into affordable funeral insurance coverage durations, obituary writing, funeral attire, and funeral etiquette. Additionally, explore end-of-life care options, doctors visits, final expense insurance, cremation services, death benefits, digital legacies, and bereavement support.

Market Research Overview

The burial insurance market is a niche segment of the global diversified financial services industry, focusing on providing coverage for funeral expenses and end-of-life costs. Key offerings include premium services, policy terms ranging from one to five years, and guaranteed acceptance without medical examinations. Companies cater to the increasing demand for financial help during this critical life stage, driven by an aging population and technological dependence. The market's growth is fueled by digital transformation, enabling improved customer experience and operational efficiency through advanced technologies and platforms. Companies offer level death benefits, ensuring consistent payouts to beneficiaries, and may also provide additional funeral cover options.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/