Global Final Expense Insurance Market Size Likely to Surpass at a CAGR of 4.62% By 2034

Final Expense Insurance Market Size

As per the Final Expense Insurance Market size analysis conducted by the CMI Team, the global Final Expense Insurance Market is expected to record a CAGR of 4.62% from 2025 to 2034. In 2025, the market size is projected to reach a valuation of USD 7.06 Billion. By 2034, the valuation is anticipated to reach USD 10.60 Billion.

Final Expense Insurance Market Overview

According to industry experts at CMI, the implementation of new strategies and technologies by insurance providers presents lucrative opportunities for players in the Final Expense Insurance Market during the forecast period.

Final Expense Insurance Market Growth Factors and Dynamics

• Aging Global Population: As health is improving which is seeing a rise in life expectancy worldwide, there has been a large-scale growth in the senior population which is 60 and above. This demographic movement is putting pressure for the development of financial planning tools that are specific to seniors which include final expense insurance. Senior citizens are looking for affordable and easy to access solutions that will cover funerary costs and also which do not put burden on their families. Insurers are in turn putting out targeted marketing and also simplifying underwriting processes to better serve this growing section. The trend of an aging population is expected to be a stable and very long-term customer base for final expense products which in turn is what is making insurers develop age friendly services which in total is to report sustained market growth in both established and emerging markets.

• Rise of Simplified and Guaranteed Issue Policies: The consumers are tending to go for insurance that does not require medical checks or in-depth questionnaires. That is what simplified and guaranteed issue policies do they remove underwriting barriers which in turn mainly benefits seniors and persons with pre-existing health issues. These products also include features of guaranteed acceptance and stable premiums. The application process’ ease and the feature of immediate coverage are very attractive to people who need it right away and as a result is increasing insurance access. As awareness of these options grows and companies continue to clean up their processes, these policy types are at the forefront of growth in the market, reaching out to the health conscious and age groups that had little to no life insurance choices.

• Digital Transformation and Online Distribution: Digital platforms along with insurtech players are redefining how final expense insurance is marketed, sold, and managed out to the public. Online quote comparison tools, e-apps, electronic applications that replace paper forms, and automated underwriting are introduced, which in turn remove friction in the purchase journey and are very much to the tech savvy consumer’s taste. Also, more older adults get on board with digital solutions, which has been furthered post pandemic. This change is what is allowing insurers to access larger audiences and present more tailored products. The ease of digital channels also plays a role in lowering the costs related to what is called customer acquisition for these insurers, and at the same time it ameliorates customer relationships, thus creating the role of tech as a key growth driver for the growth of the market.

• Increasing Funeral and End-of-Life Costs: Funeral and interment costs have been on the rise which in turn puts a financial strain on many families. As the prices go up so does consumer interest in final expense insurance, which in turn covers those predictable expenses. Consumers want peace of mind that their loved ones will not have to deal with unexpected expenses. Insurers are playing into this issue by the design of policies that address the average costs of funerals and also in the way they put forth their coverage which is very emotional in nature. This trend which also plays on the issue of unexpected expenses is expected to be relevant for final expense products and at the same time is very much a factor in the consistent demand for them especially among middle- and lower-income groups.

• Growing Financial Awareness and Planning Culture: People today are taking a more active role in financial planning which includes end of life preparation. This is a result of greater access to financial education, media reportage, and retirement planning tools. Final expense insurance is an element of this trend which has a low cost solution for responsible legacy planning. As consumers focus on protecting what is theirs and their family’s future from financial stress they are increasing their choice of these policies as part of a whole financial strategy. Insurers are in turn providing educational resources and are putting together bundles that include final expense products with other services thus their position in total life planning.

• Expansion in Underserved and Emerging Markets: Insurance penetration is still low in many emerging markets which are seeing growth in income, urbanization, and adoption of fintech. In this environment final expense insurance is a good fit for these regions which present affordability, simplicity, and relevance to cultural practices surrounding death and burial. Insurers are forming local relationships, using mobile distribution, and customizing products to fit regional preferences. As trust in insurance increases and regulatory structures improve it is expected there will be more consumers in Latin America, Africa and Southeast Asia adopting final expense products which in turn is causing geographic diversity and long-term market growth.

Report Scope

Final Expense Insurance Market SWOT Analysis

• Strengths: Many individuals do not have sufficient savings or other life insurance coverage to handle these costs, making final expense insurance a valuable financial tool for a specific segment of the population. Another significant strength is the simplified underwriting process, which typically involves no or minimal medical exams. Final expense insurance policies typically feature fixed premiums, which remain constant throughout the life of the policy.

• Weakness: The lower payout amounts compared to other life insurance policies. While sufficient for basic funeral costs, the limited coverage might not be adequate to cover substantial medical bills or other outstanding debts. Another potential drawback is the presence of waiting periods in some policies, particularly guaranteed issue policies.

• Opportunities: The continuously expanding aging population represents a substantial and growing target market. As more individuals enter their senior years, the need for end-of-life planning and financial security for their loved ones will only increase. There is also a growing awareness among the general population about the importance of end-of-life financial planning.

• Threats: The competition from other insurance products, such as term life, whole life, and universal life insurance. Consumers seeking life insurance coverage might opt for these alternatives, which often offer broader coverage options and may be perceived as providing better value, especially for those who qualify for traditional underwriting. Limited awareness and misconceptions about final expense insurance can also hinder market growth.

List of the prominent players in the Final Expense Insurance Market:

• Air Products and Chemicals Inc.
• Aker Solutions
• BP plc
• Chevron Corporation
• Equinor ASA
• ExxonMobil Corporation
• Mitsubishi Heavy Industries Ltd.
• Royal Dutch Shell plc
• Schlumberger Limited
• TotalEnergies SE
• Fluor Corporation
• Linde Plc
• JGC Holdings
• Honeywell International
• Halliburton Company
• Others

The Final Expense Insurance Market is segmented as follows:

By Policy Type

• Guaranteed Issue Whole Life Insurance
• Simplified Issue Whole Life Insurance
• Traditional Whole Life Insurance

By Target Audience

• Seniors (age 50 and above)
• Individuals with Pre-Existing Conditions
• Low-Income Individuals

By Coverage Amount

• Up to $25,000
• $25,000 to $50,000
• Over $50,000

By Premium Payment Frequency

• Monthly
• Quarterly
• Annually

By Distribution Channel

• Independent Agents
• Captive Agents
• Online Marketplaces

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America