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 have done countless presentations on our business in many countries; whether I am talking to an individual or hundreds of people before I even finish my introduction, I am always asked “How much does your funeral policy cost?” I love this question and I enjoy answering it. You see, when you are buying something whether it’s a tangible product like a car or an intangible product, in this case a funeral cash plan, you need to assess the quality of the product, its key benefits, its value and how it matches your needs now and in the future before you look at the price. How does it compare with competitor products or alternatives in the market? That rational analysis helps you to make the best buying decisions. Decisions based on price only are very dangerous because some products are cheap for the simple reason that they are of poor quality and will not serve your needs adequately. You need to compare the value (economic key benefits) of the product with its price, the amount you pay for it.
The regulator of the financial services in the United Kingdom is now focusing on value for money, ensuring that products meet the clients’ needs and are appropriately priced. Our Diaspora Funeral Cash Plan is designed with a diasporan in mind and is one of a kind in the insurance sector with unique benefits and features. There are many reasons why we do a cash cover instead of providing the actual services. This is clearly explained on our website under the section “Why Funeral Cash Plan Is By Far The Best”. This will help you to compare the value of a goods and services product vs a funeral cash plan like Diaspora Funeral Cash Plan. But, still I haven’t answered the question of “What is the cost of your funeral policy?” The answer is “It depends.”
The premium or the monthly cost of the Diaspora Funeral Cash Plan depends on several factors: your age, the cover amount/benefit amount and the number of people you want to cover on the policy. The older you are the higher the premiums, and the higher the benefit/cover amount the higher the premium. If you add more people on your policy, the premium also increases. The product is very flexible, with a wide range of benefit/cover amounts to suit customers’ different needs and budgets. I am sure you can see why it is difficult to tell prospective clients during presentations, events or roadshows the cost of the funeral policy because there are many variables that determine the cost of the Diaspora Funeral Cash Plan. Sometimes we give prospects a ballpark figure: a couple aged 40 with two young children, all of them covered for £/$10, 000 each, their total monthly premium is around £/$50 – £/$60.
For an accurate quotation, why don’t you get in touch with our sales team on +44 121 295 1116, WhatsApp + 44 770 3838 304 or book an appointment on diasporainsurance.com/funeralcover/. Our excellent sales team will generate a quotation for you using our quotation engine. This process, including explaining the key features, benefits and value of the product takes less than 15 minutes.
By Diaspora Insurance Business Development Officer
