At Diaspora Insurance, we strive to prioritise our clients’ needs, guided by our core value of treating customers fairly (TCF). A key part of this commitment is ensuring peace of mind through our Diaspora Funeral Cash Plan, a unique offering in the insurance industry. Here’s why paying premiums up to age 85—and enjoying free coverage thereafter—is a game-changer for our clients.
The Nature of Pure Protection Insurance
Unlike savings or endowment plans, pure protection insurance operates on a different principle. Policies such as the Diaspora Funeral Cash Plan do not accrue a surrender value and cannot be liquidated. Instead, they provide a guaranteed payout upon the death of the insured, as long as premiums are up to date. This type of policy isn’t about saving money; it’s about purchasing peace of mind and transferring the risk of financial loss to the insurer.
- How Premiums Work: Payments are made in advance to secure coverage for the following month. This ensures continuous protection without interruption.
- Risk Pooling Principle: Premiums from all policyholders are pooled together to cover claims, supported by industry techniques like reserves, underwriting, and reinsurance.
The Importance of Regular Premium Payments
In pure protection insurance, consistent premium payments are essential. If payments are missed, the policy lapses without a surrender value. This reinforces the importance of regular contributions to maintain coverage.
Diaspora Insurance Difference:
At Diaspora Insurance, we recognise that policyholders may face financial difficulties, particularly in later years. That’s why we’ve implemented a benefit that sets us apart from other insurers: free coverage for life after age 85.
Why Free Cover After Age 85 Matters
Guaranteed Protection: Like whole of life policies, most funeral insurance policies require ongoing payments regardless of the policyholder’s age, you basically pay until death. If you stop paying, the policy lapses. This creates challenges for elderly clients who may, late into retirement, struggle to afford premiums or may lack the capacity to manage the transactions. At Diaspora Insurance, we’ve addressed this issue by providing free cover once a policyholder reaches 85 irrespective of when the policy started. This guarantees protection even if one is blessed with longevity.
Longevity Protection: Clients who are blessed with long lives can rest assured that their cover continues to protect them.
No Risk of Lapsed Policies after 85: Unlike car insurance or other funeral plans that will cease if premiums stop, with Diaspora Funeral Cash Plan, your cover and peace of mind continues without paying any premiums once you turn 85.
A Commitment to Fairness
Treating customers fairly: This benefit reflects our dedication to treating customers fairly. We aim to shield our clients from the financial strain of paying premiums late in life, allowing them to focus on their well-being while knowing they are protected.
A Commitment to Fairness
This benefit reflects our dedication to treating customers fairly. We aim to shield our clients from the financial strain of paying premiums late in life, allowing them to focus on their well-being while knowing their families are protected.
By choosing the Diaspora Funeral Cash Plan, you’re not just securing a policy—you’re securing peace of mind, guaranteed.
Ready to protect your loved ones with a policy that evolves with your needs? Discover the Diaspora Funeral Cash Plan today and join thousands of Africans in the diaspora who trust us for their family’s
