Why do you use different currencies for your policy ?

The bespoke Diaspora Funeral Cash Plan is underwritten in the major currencies of the world: US Dollar, the Euro, British Pound, Australian Dollar and Canadian Dollar. These currencies are historically known to maintain their value over time compared to the rest of the world’s currencies.  Diaspora Insurance is a dynamic company which was formed with the goal to speak to clients’ needs, especially Diasporans who found themselves in trying times when grieving their loved ones. (Targeted at transnational citizens)

First, we need to define what are Diasporans. According to the Oxford dictionary, it defines them as a group of people who spread from one original country to other countries, or the act of spreading in this way. The cover is designed to meet the needs of those who have in one way or the other moved from their country of origin.

Understanding the various factors that resulted in coming up with Diaspora Funeral Cash Plan (DFCP) product is very important. Listed and explained below are some of the major factors which resulted in having the DFCP cover.

CASH COVER

• DFCP pays out cash on claim, in simple terms we provide cash on upon making a claim.
• We payout in the currency of choice, not limited to one currency.
• Payments across the globe to any bank account of choice.
• Cash does not expire; cash will always be relevant at any time.
• As the popular saying says “Cash is king”, cash can be used for anything and everything.
• Cash can also be defined as asset which is an inheritance to those left behind.

BORDERLESS COVER

• DFCP is a worldwide protection without borders. You remain covered even if you migrate to other countries
• We do not cover the people in one nation but anywhere around the world.
• Cash claim settlements are not territorial or restricted by country borders, cash can be transferred to any country across the globe in a matter of seconds.

BESPOKE COVER

• DFCP was created to speak to your needs in times of crisis
• Choices change over time, cash will speak to your current and future choices
• Unlike the old days when people were less mobile, you will realise that today people are transnational as the world is slowly turning into a global village, one day you are in Africa, the next minute you are in China looking for the business opportunity the next you are Australia visiting friends and relative.
• DFCP is here to address the changing times, unlike the old days when our parents would hardly leave the city you are born in let alone the country of birth.
• DFCP will give you peace of mind when you are in Honolulu on Holiday with your family.
• Reverse repatriation is possible, as very few or none will offer the service

Currencies of Choice

DFCP is a product derived from experiences and research amongst the Diaspora Community globally. Losing a loved one in the Diaspora became very expensive for most to give a peaceful and dignified send-off to their loved ones. This was a result of a lack of products and services in the market meant to serve the diaspora community. With DFCP there is no need to go and open a GoFundMe to meet the cost of repatriations and or travel expenses.

Here are some of the major factors that influenced the choice of the currencies for our product:

1. The majority of our target clients live and work in the United Kingdom, the European Union, the United States of America, Canada and Australia. Therefore it makes a lot of economic sense to base our product on these currencies.
2. Historically the chosen five major currencies have been known to maintain their value better compared to the rest of the world’s currencies. These currencies are less susceptible to hyperinflation which makes them the preferred currencies for investment. We need to view our insurance policies as long-term investments for ourselves and our families.
3. They are accepted by international banking systems and money transfer companies globally
4. The value of the currencies is appreciated globally

Default currencies:

1. United Kingdom: GBP (£)
2. European Union: Euro (€)
3. Australia: AUSD
4. Canada: CAD ($)
5. United States of America and rest of the world: USD ($)

The default currency for the rest of the world , those outside the first four countries, the default currency is the United States dollar. The USD is the most widely used currency globally

Diaspora Insurance will be introducing more currencies as we expand our business globally to cater for our target clients. As business opportunities open in various markets across the globe DFCP will soon be offered in more exotic currencies.

Conclusion

The Diaspora Funeral Cash Plan is covered in major currencies like USD, AUSD, CAD, GBP and the Euro to cater for our global clients.

As part of treating customers fairly, Diaspora Insurance must provide a cover in a stable currency in which over time it will maintain its value even after 30 to 40 years. If blessed with long life the aim is to still benefit from the cover at any time and stage of our lives.

Currency of cover does not restrict you to pay-out currency. The current bank exchange rate will be used to pay out in the bank of choice if not in the country of cover currency country. If you are covered in GBP but wished to be paid in a USD bank account, it is easily transferable to the bank of choice.