Final Expense Insurance Market Scope
Over the past few decades, death uncertainties have been increased across the global population due to the increasing prevalence of numerous deadly diseases. In addition to this, increasing adoption of the nuclear family concept has minimized the interdependencies amongst each other. Final expense insurance which is also called as Funeral Expense Life Insurance, Burial Insurance, or Senior Life Insurance. This insurance is designed to cover bills that the consumers will face after your death. The final expense insurance includes medical bills, funeral expenses, Legal/Probate, and many others.
According to AMA, the Global Final Expense Insurance market is expected to see growth rate of 7.05%Major players in the rice milk market are Vitasoy International Holdings Limited, Alpro, Hain Celestial Group, Fine Japan Co., Ltd., and Pacific Foods of Oregon, LLC, among others. Key players are focusing on adopting developmental strategy like new product launch, expansions & investments for business development & growth. The focus is mainly on organic rice milk product offering.The Players having a strong hold in the market are Allianz SE, AXA, Assicurazioni Generali S.p.A., Ping An Insurance, and China Life Insurance. Research Analyst at AMA estimates that Global Players will contribute to the maximum growth of Global Final Expense Insurance market throughout the predicted period.
Allianz SE (Germany), AXA (France), Assicurazioni Generali S.p.A. (Italy), Ping An Insurance (China), China Life Insurance Company Limited (China), Prudential PLC (United Kingdom), DescriptionMunich Re Group (Germany), Zurich Insurance Group Ltd. (Switzerland), Reliance Nippon Life Insurance (India), Japan Post Holdings Co., Ltd. (Japan), Berkshire Hathaway Inc. (United States), MetLife, Inc. (United States), Manulife Financial Corporation (Canada) and China Pacific Insurance (Group) Co. Ltd. (CPIC) (China) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Chubb Limited (United States), American International Group, Inc. (AIG) (United States), Aviva Plc (United Kingdom), Allstate Corporation (United States), Swiss Reinsurance Company Ltd. (Switzerland), Prudential Financial, Inc. (United States), Travelers Companies, Inc. (United States), AIA Group Limited (Hong Kong), Aflac Inc. (United States) and Legal & General Group Plc (United Kingdom).
Segmentation Overview
The study have segmented the market of Global Final Expense Insurance market by Type (Permanent and Non-Permanent), by Application (Agency, Brokers, Bancassurance and Digital & Direct Channels) and Region with country level break-up.
On the basis of geography, the market of Final Expense Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Europe region held largest market share in the year 2023. North America on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Influencing Trend:
Upsurging Demand for Cloud-Based Insurance Assistant Applications and Increasing Demand for Minimum Premium Final Expense Insurances
Market Growth Drivers:
Provides Numerous Financial Benefits such as for Income Tax and Reduces Future Financial Worries
Challenges:
Comparatively Complex to Understand Insurance Policies and Expected Returns
Restraints:
Lack of Awareness from the Underdeveloped Regions and Availability of Number of Similar Insurance Policies
Opportunities:
Risk of Uncertain Deaths and Increasing Adoption of Nuclear Family Approaches
Market Leaders and their Expansionary Development Strategies
In May 2023, Citizens, Inc. has entered a white-label partnership with Allegiant Wealth Group, a financial services firm that helps families protect and preserve their financial future. Through this partnership, Allegiant will sell Citizens' final expense insurance products marketed as Superior Choice to its clients located throughout the United States. These products will be sold through CICA Life Insurance Company of America, a Citizens company.
In February 2024, Royal Neighbors launches final expense product. Life insurance product aimed at addressing the needs of the uninsured and those facing coverage challenges.
Key Target Audience
Final Expense Insurance Providers, Final Expense Insurance Downstream Buyers, Insurance Industry Associations, Government Agencies, Research and Development Agencies, Non Profit Organizations and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.