#Death_Insurance_Market 2022 – 2028
The global burial insurance market size was estimated at USD 239.66 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.1% from 2022 to 2030.
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?#Insurance is a risk management mechanism that is utilized against uncertain risk and protection from #financial loss. #DeathInsurance is another name for #life insurance that protects from financial risk to the family or survivors in case of the death of an insured individual. In death insurance, different types of death are covered such as #natural death, #accidental death, #suicide, #murder, etc. Currently, the principal function of death insurance is to maintain the regular lifestyle and expenses of survivors of the family of the insured individual. However, there are some disadvantages of death insurance such as, if cease to pay monthly premium then, you will no longer be covered, high monthly premiums, non-possibility to cash policy in times of economic crisis, and claiming money is very troublesome.
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Willingness of old age people to help provide funds to their family, so that they could to pay for funeral cost or save family from final debts. However, rise in competition, evolution in policy regulations, and low awareness toward burial insurance are some factors that hinder the burial insurance market growth.
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On the contrary, funeral and burial expenses are expected to rise and recent COVID-19 crisis has promoted the importance of burial insurance benefits. Such factors are expected to provide lucrative opportunities for the market growth.
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Based on coverage type, the market is segmented into three types - level death benefit, guaranteed acceptance, and modified or graded death benefit. The modified or graded death benefit market held the largest revenue share of over 46% in 2021. This is mainly because rates for modified life insurance change over time, frequently 5 to 10 years after the policy's commencement date. Although the death benefit insurance has not changed, the rates have. For the term of the insurance, rates often remain constant when they increase. Premium hikes often happen just once. Unlike level life insurance plans, which have premiums that are fixed over time and are locked in.
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#Key_Players: ACE Insurance, AEGON Allianz, AXA Equitable Life Insurance, Banner Life Insurance, HDFC Standard Life Insurance, ICICI Prudential Life Insurance, USAA Life Insurance, Cardif, AIG, Prudential
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#Death_Insurance Comprehensive Study by #Type (1 Year, 5 Years, 10 Years, 15 Years, 20 Years, 30 Years), Application (Children, Adults, Senior Citizens)
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