By A Correspondent| UK-based Diaspora Insurance is launching new Group policies as part of its relentless innovation aimed at ensuring Diasporans and their families are not reduced to grieving and begging or sinking into debt in times of bereavement.
The new Group Funeral Cash Plan which features two options, namely the Group Policies and the Group Schemes, is targeted at groups such as CoS employers, burial societies, clubs, churches, associations as well as clusters such as NHS staff, social workers, CoS visa holders etc. Each life nominated on the plan, can be covered up to US$/€/AU$/CA$/£15,000.00 which guarantees adequate cover for peace of mind.
Benefiting from more competitive premiums due to volume and quantity discount, the Group Funeral Cash Plan transfers to the insurer, the financial risk of cash lumpsum pay-outs that companies or groups face in cases of an employee or member suffering premature death. The cover is structured to benefit both the Group and the policyholders.
Commenting on the new product, Diaspora Insurance, Channels Director, Edwin Tsvere said;
“The Group Funeral Cash Plan places its focus on delivering benefits that speak to the culture and traditions of all Africans in the diaspora and back home.
“The product was developed as a result of comprehensive consultation with our intermediaries and incorporates results from extensive client feedback.
“The plan brings a sense of uniformity and dignity to each member of a family or group at death.”
The Group Funeral Cash Plan policy is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. In addition to being underwritten and re-insured by leading global insurers and re-insurers, the group policies and schemes are Financial Services Compensation Scheme (FSCS) Protected.
Group Funeral Cash Plan mitigates against the risk of reputational damage that groups or employers faces if they were to fail to bury their own. In addition, the cover enhances members or employees’ loyalty and paternalistic allegiance to their group or employer as they will feel valued and protected.
Find out more about the Group Funeral Cash Plan at www.diasporainsurance.com