The ‘Global Final Expense Insurance Market Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global final expense insurance industry statistics, assessing the market on the basis of its segments like type, age group, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2022): USD 175.62 Billion
Forecast CAGR (2023-2028): 7.20%
Forecast Market Size (2028): USD 265.36 Billion
The global final expense insurance market is being driven by rising death rates worldwide and increasing costs of funeral arrangements. As more people become aware of the various end-of-life expenses and the availability of final expense insurance, they are investing in this type of insurance to prevent burden on remaining family members. Particularly in regions with expensive funeral processes and among users with limited financial means, final expense insurance can be a beneficial way to manage costs such as funerals and memorials.
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With advancements in healthcare, life expectancy has increased and there is greater accuracy in predicting lifespans of patients undergoing treatment for chronic and fatal health conditions. Accordingly, patients have more time available to plan for end-of-life expenses and estimate approximate costs. In countries with private healthcare systems and expensive medical treatment, final expense insurance can also be used to pay off any pending medical bills.
Rising demand for non-permanent final expense insurance is also contributing to the final expense insurance market growth. Non-permanent final expense insurance offers greater flexibility over the policy and coverage length and is available at relatively lower costing premiums. Depending upon requirement, non-permanent final expense insurance can be converted to permanent final expense insurance, giving users greater control.
Final Expense Insurance Industry Definition and Major Segments
Final expense insurance refers to a form of life insurance that provides coverage to meet end-of-life expenses such as funerals, cremations, burials, and memorial services. The insurance can also be used to pay for any legal or medical expenses remaining after death. Final expense insurance is also described as funeral insurance, burial insurance, modified life insurance, or simplified issue whole life insurance.
Based on type, the market is bifurcated into:
Permanent
Non-Permanent
On the basis of age group, the market is divided into:
Less than 3 Years
4-17 Years
18-35 Years
35 Years and Above
By application, the market is segmented into:
Agency
Brokers
Bancassurance
Digital and Direct Channels
Based on region, the market is categorised into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Final Expense Insurance Market Trends
The relative ease of obtaining a final expense insurance policy is a key trend aiding the final expense insurance market development. In comparison to traditional life insurance policies, final expense policies are typically available without any need for medical examinations or healthcare information and can be issued at later ages with ease.
Sales of final expense insurance through digital and direct channels are on the rise as more people become aware of the various types of final expense insurance. Through digital and direct channels, potential buyers can compare different policy options and assess their requirements before purchasing final expense insurance. Increasing promotions of different types of insurance policies and insurance policy customisation are assessed to be crucial trends in the final expense insurance market in the coming years.
By region, North America accounts for a significant share of the global market for final expense insurance, fuelled by the expensive funeral costs in countries such as the United States and increasing availability of various types of insurance. The growing population of geriatrics and expensive medical costs are also encouraging more patients to invest in final expense insurance. Presence of various key players in North America is also aiding the growth of the regional final expense insurance market.
Key Market Players
The major players in the global final expense insurance market report are:
Chubb Corporation
Prudential Financial, Inc.
Allianz SE
MetLife, Inc
Zurich Insurance Group
Globe Life and Accident Insurance Company
Liberty Mutual Insurance Company
Aviva plc
Allstate Insurance Company
Others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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