The bespoke Diaspora Funeral Cash Plan offered by Diaspora Insurance is a flexible cash cover that has been designed to meet different needs and budgets. The cash plan has a range of cover amounts/benefit amounts that clients can take upon application. The minimum amount is £/$/€2, 500, increasing in multiples of 2, 500 up to a maximum cover of £/$/€20, 000 per life. In the same breath, it is also important to mention that the Diaspora Funeral Cash Plan is available in all the major global currencies since our clients are global.
The maximum cover amount for a life that is resident in Africa is £/$/€5, 000. Lives that are outside the African continent can be covered to the maximum cover of £/$/€20, 000. The reason why there is a difference in the maximum cover amounts is because of the different costs associated with a diaspora death and a death on the African continent. If someone passes away in the diaspora for example in Germany, there is a high probability that the family might want to repatriate their loved one back home for their final resting place. Body repatriation from Germany to Kenya, for example, is about €5, 000. The family might also need to travel back home for the funeral and therefore would need to buy air tickets. These costs will soon add up to more than €10, 000. However, if a family member resident in Africa who was on the Diaspora Funeral Cash Plan passes away there no huge costs like body repatriation, hence why we limit the maximum cover to €5, 000. This is a properly structured insurance product that has been assessed by insurance specialists called actuaries who determine the appropriate cover amounts for each level of risk. This reduces the risk of profiteering from the policy whereby someone takes the maximum cover for the sake of making money from the policy rather than to cover the risks they face. Making sure that the cover amounts are commensurate with the associated costs ensures the sustainability of the insurance portfolio. We are also a regulated company meaning that our cover amounts are assessed for suitability by the regulator.
The most attractive aspect of the Diaspora Funeral Cash Plan in this discussion is that you remain covered even if relocate to your home country in Africa. This is a unique feature which is not offered by insurance companies and funeral plan providers in the countries where the African diasporas live and work. The moment you relocate to Africa or any part of the world, your insurer no longer covers you. Diaspora Insurance offers a worldwide protection without borders. You remain covered when you relocate to any part of the world including your home country, but there is a caveat (as long as you continue paying your premiums).
Now, since the maximum cover on the African continent is €5, 000, what happens if someone who was on a €20, 000 cover moves back to Kenya? It is the client’s choice to maintain €20, 000 or to reduce their cover amount to €5, 000 when they relocate to Kenya. This is the tenet of treating customers fairly. The restriction on the maximum cover amounts applies at the point of application of the policy. It is also imperative to mention that if a person who was in Africa when they were added to the policy and they relocate to Europe for example, they are allowed to increase their cover amount to €20, 000. Increasing the cover amount also means that the premiums will go up and the increment in coverage goes on the normal waiting period as if it was a fresh application.
From this discussion we can draw some important conclusions on the bespoke Diaspora Funeral Cash Plan:
- It is a flexible product with different cover amounts to suit different budgets and needs.
- It is denominated in the major currencies to cater for our global client base
- You can remain covered when you relocate to Africa or any part of the world, a worldwide protection without borders.
- And you can maintain your maximum cover amount of $/£/€20, 000
