Diaspora Insurance Blogs

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?

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?

What Age Should You Get Life Insurance?

The first thing to understand about buying life insurance is that you can never be too old, or even too young for that matter. There are no age limits. You just need to find the right company for you. Each life insurance company has different requirements, some may only insure individuals who are under 70 while others may insure individuals all the way up until they are 90. When exactly you should take out life insurance is totally up to you. Not many people know exactly what age they should take out a life insurance policy. You should realise that… Read More
akhlaqWhat Age Should You Get Life Insurance?

5 Types Of Insurance Everyone Needs

Insurance cover is hugely important to us all, no matter your age, gender or economic status. You can never be sure what lies around the corner, insurance helps to give you peace of mind in the most stressful of situations. The compensation you receive from an insurance policy can mean that you do not have to worry about finances in very difficult or stressful situations. Many types of insurance help not only provide cover for you but also for your loved ones to allow you to navigate through life without having to worry about what could potentially happen. There are… Read More
akhlaq5 Types Of Insurance Everyone Needs

Average Cost Of A Funeral In The UK

Funerals are hard, not only are they significant as the end of the life of a friend or loved one, but they can also be very financially stressful.There are so many different parts to a funeral that you need to think of and unfortunately, none of them is very cheap. According to Sunlife’s cost of dying report 2022, the basic cost of a funeral in 2021 was £4,056. However, this is dependent on whether you opt for a burial or a cremation. On average a burial is a more expensive option at around £4,927 compared to £3,765 for cremation. There… Read More
akhlaqAverage Cost Of A Funeral In The UK