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The Diaspora Funeral Cash Plan's cash cover means your policy is completely flexible and can be used to pay for funeral expenses of your choice, be it repatriation, burial abroad, family travel, burial costs, memorial service, food, flowers, photography, tombstone and more. Payment is in a currency of your choice anywhere in the world.
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Mortgage Protection Insurance normally refers to decreasing term life insurance plan directly linked to the repayment of a mortgage loan. The plan pays out a reducing sum insured over a specified period in order to repay a capital & interest repayment mortgage in the event of premature death of the borrower. The insurance policy pays off the mortgage balance if the mortgagor dies before the mortgage is fully paid. It is important that there is no mismatch between the amount and term of the policy and the mortgage.
Ideally a decreasing term assurance is suitable for a capital & interest (repayment) mortgage, whereas a level term assurance is more suitable for an interest only mortgage.
As an option to taking a term life insurance which pays out a lump sum on death, it is possible to have a policy that pays out regular, tax-free, monthly income to your dependants – from the time of the claim to the end of the plan term. This type of policy is called Family Income Benefit because it is intended to replace the income which the life assured would earn for their family if they were still alive. The term of policy payout is decided on the onset of the policy.
For example: Plan Term – 25 years. Time claim made – after 15 years. Benefits paid – for the remaining 10 years. For this reason, Family Income Benefit often costs less than life insurance.
This policy can be taken as Increasing Family Income Benefit, where the income benefit increases automatically, at a prearranged rate, during the term of the policy
All what we have in life, we owe it to good health. Think of your home, your car, your personal possessions, your pets among others. Isn’t it amazing then that millions of people insure those possessions without insuring their health?
People who appreciate the above fact buy PMI because:
PMI helps to cover the cost of investigations, out of patients appointments, surgery, medical specialists, accommodation and nursing for treatment at either a private hospital or in a private ward of an NHS hospital.
The Association of British Insurers says that: “Most people buy this type of insurance to gain the reassurance of knowing that treatment is available promptly, if they become ill or are injured.”
With a life assurance policy like Whole of Life the benefit pay-out is guaranteed as long as you keep up to date with premiums. Unlike term life insurance, the policy persists for life, not limited to an expiry date hence the name ‘whole of life’.
Compared to life insurance, a whole of life policy is fairly expensive policy. It pays out a tax-free lump sum whenever the policyholder dies.
The fact that a claim is certain as long as the policyholder keeps up to date with premiums means that premiums will be more expensive than for a term life insurance, where a claim is merely possible or at worst probable.
Whole of life assurance are substantive policies and can often be used as security for a loan either from the life office or from another lender. Whole of Life Assurance is also ideally used to cover inheritance tax bills.
For a number of reasons, writing your life cover in trust is the best thing you can do for your beneficiaries. Setting up a trust ensures that money is passed directly to your beneficiaries, keeping it outside of your estate and without reference to your will or the taxman. There will be no need to apply for probate so the process of getting the money to your beneficiaries will be significantly decreased, by on average about six months.
In addition, setting up a policy in Trust will ensure that the money is not subject to Inheritance Tax.
Destiny Finance Ltd T/A Diaspora Insurance is a global consultancy firm headquartered in Birmingham, UK and Sandton, RSA. We specialise in the designing, marketing and distribution of insurance products and risk management solutions.
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