According to a new report by Expert Market Research titled, “Global Final Expense Insurance Market Share, Size, Report and Forecast 2024-2032″, the final expense insurance market size reached a value of USD 188.26 billion in 2023. Aided by an increasing ageing population and a heightened awareness of the importance of financial preparedness for end-of-life expenses, the market is projected to further grow at a CAGR of 7.1% between 2024 and 2032 to reach a value of USD 350.44 billion by 2032.
Final expense insurance, also known as a burial or funeral insurance, is a type of whole life insurance designed to cover the costs associated with end-of-life expenses such as funeral services, burial, and outstanding debts. It provides a financial safety net for families, ensuring that they are not burdened with expenses during a time of grief.
The final expense insurance market growth is driven by factors like the ageing population, particularly in developed countries, as older individuals are more likely to seek final expense insurance to secure their financial legacy. Additionally, the rising costs of funeral and burial services are prompting individuals to plan and purchase final expense insurance policies.
Get a Free Sample Report with Table of Contents: https://www.expertmarketresearch.com/reports/final-expense-insurance-market/requestsample
As per the final expense insurance market analysis, the increasing awareness of the importance of financial planning for end-of-life expenses is also contributing to the market growth. As individuals become more conscious of the financial burdens their passing may impose on their families, the demand for final expense insurance policies is rising. Moreover, the simplicity and accessibility of final expense insurance, which often does not require medical examinations, make it an attractive option for many, especially those with health issues. Additionally, age groups targeted by final expense insurance policies typically include seniors aged 50 and above, with a focus on those in the 60-80 age bracket.
North America is a leading market for final expense insurance, driven by a large ageing population and high awareness of end-of-life financial planning. Europe follows closely, with similar demographic trends and market dynamics. The Asia Pacific region is expected to witness a significant growth in the market, fuelled by increasing life expectancy and a growing focus on financial security in countries such as China and India, leading to the final expense insurance market expansion.
The market is witnessing several trends that are creating opportunities for insurers. The integration of technology, such as online platforms and digital tools, is enhancing the accessibility and convenience of purchasing final expense insurance policies. Insurers are also developing innovative products with flexible premium payment options and additional benefits to cater to diverse consumer needs. Furthermore, partnerships between insurance companies and funeral service providers are emerging as a trend, offering bundled services that simplify the planning and execution of end-of-life arrangements, consequently driving up the final expense insurance market share.
Read Full Report with Table of Contents: https://www.expertmarketresearch.com/reports/final-expense-insurance-market
Market Segmentation
The market can be divided based on the type, age group, application, and region.
Market Breakup by Type
• Permanent
• Non-Permanent
Market Breakup by Age Group
• Less than 3 Years
• 4-17 Years
• 18-35 Years
• 35 Years and Above
Market Breakup by Application
• Agency
• Brokers
• Bancassurance
• Digital and Direct Channels
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global final expense insurance market. Some of the major players explored in the report by Expert Market Research are as follows:
• 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
Read Trending Reports
Almond Ingredients Market: https://www.expertmarketresearch.com/reports/almond-ingredients-market-report
Bed and Bath Linen Market: https://www.expertmarketresearch.com/reports/bed-and-bath-linen-market
Ductile Iron Pipes Market: https://www.expertmarketresearch.com/reports/ductile-iron-pipes-market
Micro Irrigation Systems Market: https://www.expertmarketresearch.com/reports/micro-irrigation-systems-market
About Us
Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.
Our high-quality, data-driven analysis provides the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today’s competitive market.
Don’t miss the opportunity to elevate your business intelligence and strengthen your strategic planning. Secure your organisation’s future success by acquiring one of our Expert Market Research reports today.
Media Contact
Company Name: Claight Corporation
Contact Person: John Walker, Corporate Sales Specialist – U.S.A.
Email: sales@expertmarketresearch.com
Toll Free Number: +1-415-325-5166 | +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: https://www.expertmarketresearch.com
Aus Site: https://www.expertmarketresearch.com.au
