Global Final Expense Insurance Market to Reach Around USD 373.81 Billion by 2034, Aided by Growing Health Concerns and Elderly Population Globally

North America holds a significant market share due to consumer awareness of insurance and high per capita income, which is beneficial for investment purposes. In the US, health spending increased by 4.1% from 2021 to 2022.

The rise was also attributed to rising administration costs, doctor and clinic expenses, long-term care, and medical supplies. According to industrial estimates, the number of Americans 65 and over rose by 47%, from 58 million in 2022 to 82 million in 2050.

Additionally, the share of this age group in the overall population is expected to increase from 17% to 23%. Population growth, an ageing population, and rising healthcare expenses drive the final expense insurance market expansion in the U.S. The availability of various and customised insurance options on online channels and strong marketing gain consumer attention.

In January 2024, in response to customer demand, Prudential Financial, Inc. (NYSE: PRU) and Fidelity InvestmentsTM partnered to provide participants in employment retirement plans with the option to turn their retirement assets into a guaranteed source of income.

Prudential launched Prudential SimplyIncomeSM, a new single-premium instant annuity (SPIA) that is administered by Fidelity Investments, for employer-based retirement plans. One of the four insurers on Fidelity's Guaranteed Income Direct platform, the company provides defined contribution plans such as 401(k)s, 403(b)s, and 457(b)s with an embedded dividend option.

Annuities are now easily included as choices in employer-based retirement plans because of the SECURE Act of 2019, which established a "safe harbor." In response, the financial services sector increased the range of in-plan income options available to allay consumer concerns.

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Market Analysis by Type, Age Group, Application, and Region:

• The market, on the basis of type, can be divided into permanent and non-permanent.

• Based on age group, the market can be divided into less than 3 years, 4-17 years, 18-35 years, and 35 years and above.

• The various application for final expense insurance include agency, brokers, bancassurance, and digital and direct channels.

• The regional markets for final expense insurance include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Growing health concerns and the elderly population are propelling the growth of the market. The percentage of the population 65 years of age and older is rising more quickly. Accordingly, it is anticipated that the proportion of people 65 and older worldwide will increase from 10% in 2022 to 16% in 2050.

• The final expense insurance market expansion is being fuelled by consumers' increasing awareness of health plans and insurers' ability to customise plans based on individual experiences.

• The ease and convenience of purchasing insurance online have led to a rise in the demand for final expense insurance among consumers. Additionally, early retirement plans among corporate employees further fuel the market.

• Government initiatives such as the Government Life Insurance Scheme and the availability of the option of a minimum premium insurance plan to serve an array of customers positively influence the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global final expense insurance market for the periods (2018-2024) and (2025-2034).

• The report also offers the historical (2018-2024) and forecast (2025-2034) markets for the types, age groups, applications, and major regions of final expense insurance.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global final expense insurance market 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, and Allstate Insurance Company, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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