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 premiums also automatically stops once the life covered dies
- Why stop paying at age 85?
If one is blessed with longevity, it is a fact that their ability to earn money and manage transactions would diminish as they age on into late retirement. Retired and in the afternoons of one’s life, most people would be surviving on their pension, which may not fully cover their living expenses. At Diaspora Insurance we appreciate the financial challenges pensioners may experience late in retirement and we wouldn’t want them to lose their policies due to financial difficulties. As a part of our treating customers fairly (TCF), our policyholders stop paying premiums on turning 85 or on the passing on of the life covered.
- Is the premium payable on the deceased policyholder?
Once a policyholder dies, the premium payable for the respective life automatically stops. If a policy had more than one life the surviving loved ones on the policy will continue paying for their covers less the premium which was for the deceased.
- The policy does not expire. It is a life-long policy.
Whereas some funeral policies are term, meaning that, they expire after a given period the bespoke Diaspora Funeral Cash Plan is a cover for life. on which premiums are not payable for life. At Diaspora Insurance, we treat our customers fairly, so you don’t pay premiums for life although the cover is for life.
- You will pay a fixed premium, which means the premium does change.
Other insurance companies take customers on a low premium to attract them onto their policy, then each year, they increase the premium on the policy’s anniversary. On these reviewable policies, the policyholder finds themselves paying higher and higher premiums each year. We at Diaspora Insurance treat our customers fairly, so you only pay a guaranteed premium for the life of the policy.
Diaspora Funeral Cash Plan key benefits
- Guaranteed acceptance with no medicals at all,
- Immediate US$/£/ €/AU$/CA$/ZAR cash pay-out on proof of death,
- Worldwide cover, it’s a protection without borders,
- Permanently US$/£/ €/AU$/CA$/denominated policy,
- Up to US$/£/ €/AU$/CA$/20,000 cover per life,
- Body repatriation not mandatory,
- Cover as Individual, Family or Group
- Whole of life cover, it’s a cover for life,
- Cover yourself, Cover your loved ones!
- Guaranteed gifted FREE cover in future,
- Protect Yourself! Protect Your Family! Protect Your Dignity!
- Your dignified send off – Guaranteed!
What is the Qualifying Period on the Diaspora Funeral Cash Plan
Policy Commencement Date means the date as mentioned in the Policy Schedule from which the insurance cover starts.
For accidental death full cover starts on receipt of the first premium and for normal death (death due to natural causes) there is a qualifying period and benefits accrue on a sliding scale:
For your peace of mind sign up for the bespoke Diaspora Funeral Cash Plan. 24/7 Quote & Apply: https://diasporainsurance.com/funeralcover/
Your cover is a WhatsApp away: +44 770 3838 304 or Tel: +44 121 295 1116
Diaspora Insurance is authorised and regulated by FCA, UK and by the FSCA, RSA 🇿🇦