Diaspora Insurance Blogs

For how long are premiums payable on the Diaspora Funeral Cash Plan policy?

Insurance cover is a contract between the insurer and policyholder to protect the policyholder against a specified risk for which the policyholder pays a premium for the benefit. With pure protection insurance, premiums are normally payable for as long as the cover is required by the policyholder. On Diaspora Insurance’s bespoke Diaspora Funeral Cash Plan whilst the policyholder is protected for life the premiums are not payable for life. As part of the treating customers fairly culture embedded in the Diaspora Insurance business model policyholders pay premiums until the age of 85 irrespective of when they started the policy. Paying… Read More
team4dfiFor how long are premiums payable on the Diaspora Funeral Cash Plan policy?

When are you going to cover French speaking countries?

Perhaps the broader question is, when is Diaspora Insurance going to broaden the number of nationalities it covers to also include largely French speaking nationalities? It is very important to understand that insurance, whilst a service industry business, is a very complex concept and it requires complex infrastructure to manage risks. That informs the basic fundamentals of delivering a sustainable business when it comes to treating customers fairly, risk mitigation and management, client money management and meeting high standards in services delivery, customer care, and claims management alike. Issues of regulation and authorisation, underwriting, re-insurance, financial ombudsman, and financial compensation… Read More
team4dfiWhen are you going to cover French speaking countries?

Can I take a funeral policy only for my parents?

Diaspora Insurance is a regulated company, regulated by the Financial Conduct Authority(FCA) here in the UK. We offer a funeral plan which allows a person to cover themselves here in the diaspora and cover their relatives back home or anywhere in the world with the aim of giving them peace of mind and guaranteeing them a dignified send-off. However, Diaspora Insurance does not allow a person to cover only their parents or relatives on the funeral plan instead they should also be part of the funeral plan. We are guided by various concepts of insurance and all insurance companies are… Read More
team4dfiCan I take a funeral policy only for my parents?

Can I cash out before I make a claim?

DIASPORA FUNERAL CASH PLAN (DFCP) is a unique insurance financial product that pays out cash upon the death of an insured life. Since it is structured as a pure protection policy that has no surrender value and is quite different from a savings account where you may draw down on your money deposited at any time. However, the only time you can get your premium refunded is when you cancel your policy during the first 30 days of your policy, also known as the cooling period. As Diaspora Insurance, we provide pure protection insurance, which is based on the principle… Read More
team4dfiCan I cash out before I make a claim?

Who is the underwriter of the Diaspora Funeral Cash Plan?

Underwriting is the process of assessing the amount of risk an insurer takes on by providing cover. It determines whether the policyholder poses an acceptable risk and if it does, calculates the fair price for a cover and which cover one is eligible for. The bespoke cover, Diaspora Funeral Cash Plan (DFCP) provided by Diaspora Insurance is underwritten by Guardrisk Life International Ltd which is based in Ebene, Mauritius. It is re-insured by Africa Re and FM Re. Guardrisk Life International Ltd is a well-established multi-billion dollar global business company that is licensed to write business internationally and is located… Read More
team4dfiWho is the underwriter of the Diaspora Funeral Cash Plan?

Funeral Insurance Debate: Why cash-based funeral plans are the future

By Tose Gava In this blog I want to explore the shortcomings of traditional funeral policies where the policyholder is rigidly tied to a particular funeral directors’ firm and are given goods and services on claim. Receipt of benefits also rigidly assumes that the policyholder dies within the policy-provider-funeral-director’s reach. Critically, one’s policy should always speak to their needs and reality. Treating customers fairly means that the policy should suitably meet the needs of the policyholder. The policy should be suitable today, tomorrow, short-, medium- and long-term. A change in the policyholder’s circumstances, be it location or personal preferences, should… Read More
team4dfiFuneral Insurance Debate: Why cash-based funeral plans are the future

Why do you not take new applicants above the age of 75?

Two key considerations. 1. Risk management – refers to how much risk an insurer is prepared to take and offer a sustainable product. The risk appetite is informed by a number of factors and influences the terms an insurer offers on a cover. 2. Salability of product – a reasonable insurer thrives to offer products that are salable in terms of affordability and the premiums should make commercial sense vis a vi the cover offered. Most Insurance companies that offer funeral policies on a no medicals, guaranteed acceptance basis normally apply a cut off Age Next Birthday (ANB) 65 for… Read More
team4dfiWhy do you not take new applicants above the age of 75?

Why do we have to pay premiums up to 85 considering we will not be economically active?

As Diaspora Insurance we are always thriving to do the best for our clients guided by the TCF culture embedded in our way of doing business. Critically, it is important to understand that pure protection insurance is different from savings where the account holder can be said to have saved so much and the savings can be withdrawn or if it’s an endowment plan there is a surrender value. With a policy like Diaspora Funeral Cash Plan there is no surrender value, and the policy cannot be liquidated as it only pays out on the death of the life insured.… Read More
team4dfiWhy do we have to pay premiums up to 85 considering we will not be economically active?

I have a life cover, do I need the Diaspora Funeral Cash Plan?

I got a life cover. Do I need your funeral policy? Life Cover: This is a type of insurance that pays out a lump sum of money to your beneficiaries upon your death. This lump sum replaces your income when you pass away. Diaspora Funeral Cash Plan (DFCP): This is a cash cover that pays out cash immediately to cover all funeral expenses. It focuses on African nationals living and working in the diaspora to cover themselves, families in the diaspora and loved ones back home. I appreciate the fact that you are planning on solving future problems now by… Read More
team4dfiI have a life cover, do I need the Diaspora Funeral Cash Plan?

What is the cost of my funeral policy?

When you walk into a shop and a beautiful dress catches your eye, the next thing you check is the price. You want to know how much it costs. This is instinctive. Our irrational parts of our brain drive us to find out the price of an item immediately even before we look at its features, benefits, value or functions. This is how we are wired as human beings; we are irrational. A whole new field called neuroeconomics that combines neuroscience, economics and psychology looks at the different parts of the brain that are involved in our buying decisions. I… Read More
team4dfiWhat is the cost of my funeral policy?