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Final Expense Insurance Market

Global Final Expense Insurance Market Share, Forecast: By Type: Permanent, Non-Permanent; By Age Group: Less than 3 Years, 4-17 Years, 18-35 Years, 35 Years and Above; By Application: Agency, Brokers, Bancassurance, Digital and Direct Channels; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032

Global Final Expense Insurance Market Outlook

The global final expense insurance market size reached a value of approximately USD 188.26 billion in 2023. The market is further expected to grow at a CAGR of 7.1% between 2024 and 2032, reaching a value of USD 350.44 billion by 2032.

 

final expense insurance market

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Key Trends in the Market

Final expense insurance is a specialised type of life insurance that is designed to meet end-of-life expenses such as funeral arrangements, burials, embalming, cremation, and memorial services. It may also be used for any legal or medical expenses that may be remaining which can be paid off by the policy beneficiary. Final expense insurance is also known as burial insurance, funeral insurance, modified life insurance, or simplified issue whole life insurance.

 

  • The key final expense insurance market trends include increasing financial awareness among the global population and rising costs of funerals. Final expense insurance can ease the financial burden of caregivers or the family members of the deceased and aid them in covering the costs of funeral and other expenses.
  • Prevailing health concerns and the growing elderly population are propelling the growth of the market. Advancements in healthcare are enabling more precise estimates of potential passing, which, coupled with increasing prevalence of chronic and fatal health conditions, are encouraging people to invest in final expense insurance.
  • Another crucial trend propelling the final expense insurance market growth is the availability of such insurance policies through online channels. Online availability and purchase of insurance makes the process convenient and time saving for many, thereby fuelling the purchase of final expense insurance.

 

Global Final Expense Insurance Market Analysis

On the basis of type, the market is bifurcated into permanent and non-permanent. Based on age group, the market is divided into less than 3 years, 4-17 years, 18-35 years, and 35 years and above. On the basis of application, the market is segregated into agency, brokers, bancassurance, and digital and direct channels. Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

final expense insurance market by segments

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter’s five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global final expense insurance market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

 

  • 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

 

Global Final Expense Insurance Market Share by Type

Non-permanent type of final expense insurance is expected to hold a significant portion of the global market in the upcoming years, supported by the flexible design of the length of coverage and the lower costs of premiums. Additionally, non-permanent final expense insurance can be converted into permanent final expense insurance while vice-versa is not possible. This type of final expense insurance is also relatively straightforward and easy to understand which is increasing its appeal among a wider audience.

 

Global Final Expense Insurance Market Share by Region

At a regional level, North America is anticipated to witness sizable growth in the market for final expense insurance, driven by countries such as the United States where funerals are increasingly expensive and costs of healthcare are rising. Additionally, the rising population of elderly is also propelling the growth of the market in the North America region. Final expense insurance also often covers medical bills aiding the family members of the deceased in covering the costs of their healthcare treatments completely or partially.

 

final expense insurance market by region

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Competitive Landscape

Chubb Corporation is a casualty insurance company that was founded in 1882 and is based in New Jersey, United States. They provide casualty and personal and commercial property insurance, reinsurance and life insurance, and personal accident and supplement health insurance to a diverse group of clients.

 

Prudential Financial, Inc. is an insurance company that was established in 1875 and is headquartered in New Jersey, United States. They help their customers in tackling life’s challenges for now and future with ease.

 

Allianz SE is a financial services company that was founded in 1890 and is based in Munich, Germany. They are one of the world’s leading asset managers and insurers providing services to millions in various countries around the world.

 

Other market players include MetLife, Inc, Zurich Insurance Group, Globe Life and Accident Insurance Company, Liberty Mutual Insurance Company, Aviva plc, and Allstate Insurance Company, among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Age Group
  • Application
  • Region
Breakup by Type
  • Permanent
  • Non-Permanent
Breakup by Age Group
  • Less than 3 Years
  • 4-17 Years
  • 18-35 Years
  • 35 Years and Above
Breakup by Application
  • Agency
  • Brokers
  • Bancassurance
  • Digital and Direct Channels
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • 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

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Final Expense Insurance Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Final Expense Insurance Historical Market (2018-2023) 
    8.3    Global Final Expense Insurance Market Forecast (2024-2032)
    8.4    Global Final Expense Insurance Market by Type
        8.4.1    Permanent
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Non-Permanent
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Global Final Expense Insurance Market by Age Group
        8.5.1    Less than 3 Years
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    4-17 Years
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    18-35 Years
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    35 Years and Above
            8.5.4.1    Historical Trend (2018-2023)
            8.5.4.2    Forecast Trend (2024-2032)
    8.6    Global Final Expense Insurance Market by Application
        8.6.1    Agency
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Brokers
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Bancassurance
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Digital and Direct Channels
            8.6.4.1    Historical Trend (2018-2023)
            8.6.4.2    Forecast Trend (2024-2032)
    8.7    Global Final Expense Insurance Market by Region
        8.7.1    North America
            8.7.1.1    Historical Trend (2018-2023) 
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Europe
            8.7.2.1    Historical Trend (2018-2023) 
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Asia Pacific
            8.7.3.1    Historical Trend (2018-2023) 
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Latin America
            8.7.4.1    Historical Trend (2018-2023) 
            8.7.4.2    Forecast Trend (2024-2032)
        8.7.5    Middle East and Africa
            8.7.5.1    Historical Trend (2018-2023) 
            8.7.5.2    Forecast Trend (2024-2032)
9    North America Final Expense Insurance Market Analysis
    9.1    United States of America
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Final Expense Insurance Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Final Expense Insurance Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Final Expense Insurance Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Final Expense Insurance Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2023) 
        13.3.3    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2023) 
        13.4.3    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis  
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price  
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    Chubb Corporation
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    Prudential Financial, Inc.
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    Allianz SE
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    MetLife, Inc
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    Zurich Insurance Group
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    Globe Life and Accident Insurance Company
            15.2.6.1    Company Overview
            15.2.6.2    Product Portfolio
            15.2.6.3    Demographic Reach and Achievements
            15.2.6.4    Certifications
        15.2.7    Liberty Mutual Insurance Company
            15.2.7.1    Company Overview
            15.2.7.2    Product Portfolio
            15.2.7.3    Demographic Reach and Achievements
            15.2.7.4    Certifications
        15.2.8    Aviva plc
            15.2.8.1    Company Overview
            15.2.8.2    Product Portfolio
            15.2.8.3    Demographic Reach and Achievements
            15.2.8.4    Certifications
        15.2.9    Allstate Insurance Company
            15.2.9.1    Company Overview
            15.2.9.2    Product Portfolio
            15.2.9.3    Demographic Reach and Achievements
            15.2.9.4    Certifications
        15.2.10    Others  
16    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Final Expense Insurance Market: Key Industry Highlights, 2018 and 2032 
2.    Global Final Expense Insurance Historical Market: Breakup by Type (USD Million), 2018-2023
3.    Global Final Expense Insurance Market Forecast: Breakup by Type (USD Million), 2024-2032
4.    Global Final Expense Insurance Historical Market: Breakup by Age Group (USD Million), 2018-2023
5.    Global Final Expense Insurance Market Forecast: Breakup by Age Group (USD Million), 2024-2032
6.    Global Final Expense Insurance Historical Market: Breakup by Application (USD Million), 2018-2023
7.    Global Final Expense Insurance Market Forecast: Breakup by Application (USD Million), 2024-2032
8.    Global Final Expense Insurance Historical Market: Breakup by Region (USD Million), 2018-2023
9.    Global Final Expense Insurance Market Forecast: Breakup by Region (USD Million), 2024-2032
10.    North America Final Expense Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
11.    North America Final Expense Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
12.    Europe Final Expense Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
13.    Europe Final Expense Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Asia Pacific Final Expense Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Asia Pacific Final Expense Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Latin America Final Expense Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Latin America Final Expense Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Middle East and Africa Final Expense Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
19.    Middle East and Africa Final Expense Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
20.    Global Final Expense Insurance Market Structure

Key Questions Answered in the Report

The market size reached a value of approximately USD 188.26 billion in 2023.

The market is expected to grow at a CAGR of 7.1% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 350.44 billion by 2032.

The major market drivers include increasing knowledge about the advantages of final expense insurance and surging funeral expenses and medical costs.

The key trends fuelling the growth of the market include increasing financial awareness, availability of final expense insurance policies through online channels, and the growing elderly population.

The significant types of final expense insurance are permanent and non-permanent.

The various applications of the market for final expense insurance include agency, brokers, bancassurance, and digital and direct channels.

The key 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.

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