Life Cover: This is a type of insurance that pays out a lump sum of money to your beneficiaries upon your death. This lump sum replaces your income when you pass away.
Diaspora Funeral Cash Plan (DFCP): This is a cash cover that pays out cash immediately to cover all funeral expenses. It focuses on African nationals living and working in the diaspora to cover themselves, families in the diaspora and loved ones back home.
I appreciate the fact that you are planning on solving future problems now by taking a life cover. But there is a big misconception that a standard life cover will pay funeral expenses. So allow me to break it down for you and the reasons why you need the DIASPORA FUNERAL CASH PLAN in addition to you life cover/policy. There is a widespread misconception in the wider diaspora community about life cover and funeral policies. A lot of people think that if they have a life cover they no longer need a funeral policy. Nothing is further from the truth.
Reasons why you need Diaspora Funeral Cash Plan
•Life cover replaces your income when you die. Your earnings from your job or business covers all your daily expenses, and your dependents rely on your income. If you die, there will be no income from your job because you are dead. If you have a life cover, the lump sum pay-out covers the loss of income and therefore cushions your family from financial hardships. However, we need to discuss the application claim processes of a life cover to understand why you also need a funeral policy.
•A funeral policy like the bespoke Diaspora Funeral Cash Plan meets the end-of-life expenses. With DFCP, you avoid the double trauma of bereaving and not having money for funeral expenses. DFCP pays out cash immediately upon proof of death. The funds will cater for all expenses associated with the funeral. This guarantees peace of mind to families and their loved ones.
•Life cover is medically underwritten and has a long claims process, up to 4 – 6 months. What does it mean?
Medical underwriting is the insurance process of reviewing an applicant’s medical history to decide their eligibility for a life or health insurance policy and the premium they’ll pay. This can be a rigorous process involving very long medical, social and occupational
questionnaires, medical tests and references from the applicant’s doctor. Because of the medical underwriting, you may be denied insurance or accepted with terms. Perceived high risk results in higher premiums.
Since life cover is medically underwritten on application, it also means that when you make a claim the insurer has to go through the medical underwriting done on application. They want to make sure that what you declared on application was correct and they also want to verify the cause of death with your doctor. Because your cover amount might be huge, the insurer wants to make sure that the claim is not fraudulent. This due diligence process on claim is very long; it can be more than 4 (four) months and this delay in making the pay-out is not something you need when you want to cover end of life expenses. Therefore, a life cover will never bury you.
•DFCP: no medical underwriting and short claim process. Immediate cash pay-out within 24hrs of submission of the requisite documents. What does it mean?
•DFCP offers a guaranteed acceptance on application; we don’t have to examine or evaluate your health or medical records before determining whether to accept your application. This makes the application process to be very simple and straight forward. No-one is rejected on the basis of their medical history.
DFCP claim process is very simple and straight forward. We only need proof of death of the deceased, identity documents and proof of address of the beneficiary . In most cases, after getting these documents, the benefit amount is the bank account in 2 hours. We have designed this to be as simple as possible on application and on claim so that our clients get the immediate financial intervention they need when they lose their loved one.
•Life cover: most expires (termed policies)
Most life covers in the market expire when you turn 65. In most cases, when term life cover expires, the policy lapses, and no action needs to be taken by the policyholder. For example, a notice would be sent to the applicant by the insurance carrier that the policy is no longer in effect. Instead, the policyholder stops paying the premiums. Therefore, there is no longer any potential death benefit. This means that you are no longer covered.
One thing is clear; term policies don’t have cash value. So, let’s say your cover protection was for 20 years. You outlive the years, your life cover protection is gone, and even though you’ve been paying premiums for 20 years, there’s no residual value.
In some cases, people say their life cover will also cover their funeral expenses; that’s a sweetener in the policy. But, should you outlive the term or years, the sweetener in your policy, that is, money for your funeral, also expires.
•DFCP: guarantees a free cover in the future (85yrs)
We believe a funeral cash cover shouldn’t expire, and the applicant doesn’t have to pay a premium till the applicant dies. DFCP understands the financial obligations of our clients, and by treating customers fairly, after 85years, you stop paying premiums. However, the entire cover amount remains the same.
•Life cover: scenario of relocating (geographical area)
Most life covers only apply to the place or country the applicant resides. They are territorial in nature. If you relocate to another country or spend more than 90 days outside your country of residence, your policy lapses.
•DFCP: protection without borders (worldwide protection)
DFCP gives you worldwide protection; we believe we live in a global village and are transnational citizens. We need a cover that speaks to our needs, with no border restriction, that everywhere you go in the world, the cover follows you. God forbid should anything happen to you anywhere in the world, you can claim because our cover is worldwide protection, a unique cover. Our Diaspora Funeral Cash Plan covers you even if relocate to your home country or another diaspora destination.
○We need both a life cover and a funeral policy. They are complimentary products, not substitutes for each other. Thus, we need both products to go hand in hand; you can’t replace one with the other. So, while the LUMP SUM claims from life cover will
replace your income or pay the mortgage, Diaspora Funeral Cash Plan caters for immediate funeral expenses; no need to stress.
Don’t hesitate to contact our sales team at +44 121 295 1116, WhatsApp + 44 770 3838 304, or visit our website at www.diasporainsurace.com to register online. Our well-trained, experienced, and excellent sales team will get in touch to generate a quotation for you using our quotation engine.
DIASPORA INSURANCE: PEACE OF MIND, GUARANTEED!