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DUBLIN--(BUSINESS WIRE)--Nov 15, 2022--
The "U.S. Burial Insurance Market Size, Share & Trends Analysis Report by Coverage Type (Level Death Benefit, Guaranteed Acceptance, Modified Or Graded Death Benefit), by Age Of End-user, by State, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. burial insurance market size is expected to reach USD 92.59 billion by 2030 and is expected to expand at a CAGR of 3.6% from 2022 to 2030.
The growth is attributed to the rising awareness among people about burial insurance. Furthermore, due to the rising awareness, companies through their marketing strategies are trying to enter the market, whereby the marketing strategies include providing various funeral insurance plans which could attract a wide range of people.
Burial insurance is uniquely created to cover one-time and short-term expenses, where its major application is covering funeral costs, in contrast to conventional universal, whole life, and term life policies.
However, as the number of insurance companies has grown, product bundling has become a very common practice in the insurance industry. As a result, burial insurance can now be used to pay for any final expenses, such as unpaid medical bills, credit card debt, or other bills accumulated in the month of death (utility bills, phone bills, etc.).
To take advantage of diverse sorts of services and technological capabilities needed for future success, forward-thinking insurers are widening their options and going beyond conventional vendors. To improve company position in the global burial insurance market, these companies have used a variety of strategies, including partnerships, collaborations, product launches, joint ventures, and mergers and acquisitions.
For instance, on February 28, 2022, Westpac Life was bought by Fidelity Life, the country's largest privately owned life insurance provider, for 400 million New Zealand dollars. In connection with the sale, Westpac Life changed its name to Fidelity Insurance and signed a 15-year contract with Westpac NZ for the distribution of life insurance.
For the next 15 years, Westpac NZ will offer Fidelity Insurance products to its retail clients as part of this agreement. The deal's parameters haven't altered since they were initially disclosed on July 6, 2021.
U.S. Burial Insurance Market Report Highlights
Burial Insurance Market Dynamics
Market Driver Analysis
Market Restraints Analysis
Unmet needs/opportunity analysis
Burial Insurance Market Analysis Tools: Porter's Five Forces Analysis
Pestel Analysis
Regulatory Framework
Competitor product price-based analysis
Covid-19 Impact Analysis
Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/lh38cl
View source version on businesswire.com:https://www.businesswire.com/news/home/20221115006065/en/
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KEYWORD: UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/15/2022 09:51 AM/DISC: 11/15/2022 09:51 AM
http://www.businesswire.com/news/home/20221115006065/en