Group Funeral Cash Plan

Cover Yourself, Cover your Loved Ones!

Group Funeral Cash Plan

Diaspora Insurance offers Group Funeral Cash Plan policies. These are categorised into two options namely, Group Policy and Group Scheme. They are both cash-based funeral policies targeting a group or cluster of qualifying individuals. Both the Group Policy and Group Scheme have all the guaranteed benefits enjoyed by individuals on Diaspora Funeral Cash Plan but come with additional volume-based benefits.

Group Funeral Cash Plan Defined

A Group Policy is ideal for a properly constituted Group with a bank account and admin structure. With a Group Policy, all lives are covered under the group, the group pays one premium for all members to the insurer, one universal policy is issued, and it’s administered by the Group management or admin.  In the event of a claim, the process is managed by the Group admin and benefits are paid to the Group not directly to the bereaved family. All issues and day to day management of the policy is handled by the Group admin not individual members. 

Group Policy – Who Qualifies

Is available to constituted and structured groups who are banked and have a management structure. Examples of qualifying group include employers’ group policy covering employees of a given organisation or church group policy for members. Group Policies are also commonly set for associations, burial societies or clubs that can take one policy and pays one premium covering all its enrolled members.

Group Scheme Defined

A Group Scheme is designed to carter for a group or cluster of people who are identifiable or classifiable but may not be constituted and structured enough to take a universal policy on which they have a single group policy and paying a single premium to the insurer. Under a Group Scheme individuals/families are enrolled but they get individual policies and pay for their own policies separately. The policyholders deal directly with Diaspora Insurance in terms of their policy admin and claims management.

Group Schemes – Who Qualifies

Group Schemes are an innovative hybrid product offered Diaspora Insurance to carter for identifiable clusters of people who may not want or many not qualify to take a centrally administered Group Policy. Clusters that qualify for Group Scheme may include say NHS Staff, COS visa holders, Social Workers, etc. A good example of the Group Scheme is the COS Funeral Cash Plan scheme under which anyone who is on the COS visa regime qualifies to join the scheme and enjoy group rates but retains independence as they have individual policies and independently pay their own premium.

Group Policy - Why Join

Getting your members/employees protected on a Group Funeral Cash Plan scheme which is FCA authorised and regulated and is underwritten and re-insured by leading global insurers and re-insurers guarantees a lot benefits:

  • Members/Employees are covered on a cheaper premium and enjoy peace of mind,
  • No more bereaving and begging,
  • Members/employees are insured for the correct and adequate cash benefit,
  • Group/Employer transfers the risk of paying lump sums in case of death of a nominated member to the insurer,
  • The Group Funeral Cash Plan scheme creates members/employees’ paternalistic allegiance to the group/employer,
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  • The Group/Burial Society continues as a community cohesion group or ‘extended family’ for mutual and moral support without the pressure of financial risks,
  • A Group Funeral Cash Plan scheme also helps the Group/Burial Society to mitigate the risks of failure due to inherent failure risks, like fraudulent claims, misuse of funds and admin inefficiencies,
  • The Group Funeral Cash Plan creates a protection solution that is not only sustainable but also long-term and intergenerational financial security, and
  • Once needs of each member becomes guaranteed through the Group Funeral Cash Plan scheme it guarantees peace of mind, loyalty, participation, reciprocity and membership/employment continuity.
  • A Group Funeral Cash Plan also mitigates against the reputational damage risk that the Group/Employer faces if they were to fail to bury their own.

Perhaps the highlight benefit of a properly insured/underwritten, authorised and regulated Group Funeral Cash Plan is that all members/employees are guaranteed a dignified send-off without overburdening the Group/Employer with unbudgeted funeral expenses.

Group Scheme – Why join

Getting yourself protected on a Group Funeral Cash Plan scheme which is FCA authorised and regulated and is underwritten and re-insured by leading global insurers and re-insurers guarantees is a no brainer as it comes with a lot benefits:

  • Better premium rates than on individual plans because you are being treated as a group.
  • Get advice and be insured for the correct cover amount and enjoy peace of mind,
  • Enjoy protection that is not only sustainable but also long-term and intergenerational financial security, and

Perhaps the highlight benefit of a properly insured/underwritten, authorised and regulated Group Funeral Cash Plan is that all covered lives are guaranteed a dignified send-off and no more bereaving and begging.

Group Funeral Cash Plan | Key Features:

The following are some of the key features of the Group Funeral Cash Plan:

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  • Immediate full cover: for accidental death and short waiting period for natural death
  • Hard Currency Denominated Cover: US$/£/€/AU$/CA$/NZ$ cash
  • Qualifying Territory: It’s a worldwide cover protection without borders
  • Premium Payment: is payable monthly, quarterly, or annually
  • Cover Period: it’s a cover for life
  • Free Cover in Future: FIFMI Funeral Scheme policyholders will only pay until age of 85 years and go on free cover for life

Diaspora Insurance covers 13 nationalities Botswana, Eswatini, Ethiopia, Ghana, Kenya, Malawi, Mozambique, Namibia, South Africa, Tanzania, Uganda, Zambia and Zimbabwe. Anyone from the qualifying nationalities by birth, descent, naturalization, marriage and by registration qualifies to be covered irrespective of where they live in the world.

Group Funeral Cash Plan | Why Cash Cover

Diasporans are global villagers, transnational citizens who belong to more than one society and a cash denominated funeral policy works for them no matter what even if one was to:

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  • Missing and presumed Dead, family would still get the full cash benefit payout.
  • Lose a loved one – a cash policy would give money for travel and related expenses.
  • Have a situation where your diaspora children opt out of repatriation, their cover will still work.

A hard currency cash policy means that the cash can be used for a host of other related expenses from family travel, food, church service, photo-videography, flowers, memorial service, tombstone and ceremony. The value of cover is also more certain in the long-term so nor risk of being asked to top-up unlike on funeral directors’ policies.

Group Funeral Cash Plan | Key Benefits

Diaspora Insurance has been delivering peace of mind for over a decade and the company’s YouTube page has a lot of testimonials – Click here to watch.

Hard currency denominated funeral cash plan gives policyholders complete control which guarantees that their wishes will be honoured irrespective relocation or change of preferences over time:

The Diaspora Insurance provided Group Funeral Cash Plan scheme is a simplified guaranteed acceptance policy. It is easy to onboard members because buying peace of mind should be seamlessly simple.

In synch with the household name Diaspora Funeral Cash Plan the new Group Funeral Cash Plan scheme is cash-denominated group funeral insurance policy offered in hard currencies mainly US$, £, €, AU$, and CA$.

The versatility of the policy means that it can be used for burial abroad, body repatriation or even cremation. Cash knows no border making the policy very flexible and a worldwide protection without borders which ideal for diasporans as transnational citizens. Under the Group Funeral Cash Plan scheme members can add their loved wherever they are in the world including those back home in Africa. Peace of mind is anchored on knowing that you and your loved ones are protected, and the Group Scheme is tailormade to support families do exactly that.

With the guarantee that claims are settled within 24 hours of submission of proof of death, the cash intervention means that bereaved families can plan the celebration of their departed loved one with certainty and can cover all other related funeral expenses like food, flowers, photography, videography church service, family travel, memorial service, tombstone and unveiling costs to name a few. As part of treating customers fairly policy, the Group Funeral Cash Plan policyholders don’t pay premiums for life as they are guaranteed free cover in the future. More importantly, being a hard-currency cash policy means that the future value of the policy is more certain unlike when a policyholder is promised goods and services.

Under the bespoke Diaspora Funeral Cash Plan policy which has been helping bereaved families for over a decade, Diaspora Insurance has paid millions in immediate cash settlements to help bereaved families celebrate the lives of their dear departed by giving them dignified send-offs.

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