Diaspora: 10 scenarios where your funeral director provided funeral policy will let you down
In my last blog 12 Reasons Why Cash Denominated Funeral Policies Are By Far Better I elaborately discussed issues of treating customers fairly through provision of suitable cover and correct advice.
Needless to say, the whole idea of funeral policies is to guarantee the policyholder a dignified send-off. Transnationalism and global citizenry have however meant that a lot of people are short-changed by the traditional funeral directors’ policies that provide the policyholder with goods and services.
This is largely because the traditional funeral policies have failed to respond to the needs of hundreds of millions of consumers who have become diaspora transnationals.
In this blog, I want to focus on 10 scenarios where one would wish their funeral plan was a cash-based policy:
- You relocate or change your country of residence
- You are abroad on holiday or visiting
- You choose to be buried abroad
- You choose cremation
- You are confirmed missing and presumed dead
- Your diaspora children say no to repatriation
- You need cash for a host of funeral related expenses
- You lose a relative abroad
- You want to exchange your policy for cash
- You are caught in a family funeral during a pandemic
You relocate or change your country of residence
Most funeral policies provided by funeral directors are based on them providing the goods and services. Unfortunately, these funeral directors do not have global reach and capacity. If the policyholder was to relocate out of their territorial reach, the policy would sadly become valueless. If you are lucky some may exchange the policy for a minuscule cash value, but in most cases the policy just becomes completely worthless.
Why not guarantee oneself a dignified send-off with a cash-denominated policy like Diaspora Funeral Cash Plan. Cash knows no border and the policy is a worldwide protection without borders meaning you could be anywhere in the world, you could choose to be buried anywhere in the world, and you could choose any type of send-off and still enjoy the full benefit of your cover.
You are far away on holiday or visiting
The tragedy of most funeral policies provided by funeral directors is that they are territorial and were designed on the assumption that one is born locally, grows up locally, dies locally and gets buried locally. Sadly, the reality is far from that. Nowadays, people travel, and hundreds of millions are now diaspora transnational citizens. If you were to travel and, God forbid, die offshore and your travel insurance fails to pay (mainly because death may have been caused by an excluded pre-existing medical condition), it means that you are on your own in most cases because the funeral director will only help when the body arrives at the local port of entry. If they were to help whilst the body is still abroad it will be at a cost to the policyholder.
Why not remove the risk and guarantee yourself a dignified send-off with a cash-denominated policy like Diaspora Funeral Cash Plan.
You choose to be buried abroad
Diasporans, especially first-generation migrants, are more inclined to be fixated about being buried back home. But truth be told, the longer one lives abroad and grows a family there, the more abroad becomes home. This becomes even more true as one starts to lose people who emotionally matter to them like parents back home. The point being that being buried abroad, by default or by choice, increasingly becomes a possibility. In most migrant communities, simple research shows that body repatriation tends to die with first generation migrants but even so decreases significantly depending on how long one has been living abroad. Does your funeral policy provide for your dignified send-off abroad?
The solution is simple, why not remove the risk and guarantee yourself a dignified send-off with a cash-denominated policy like Diaspora Funeral Cash Plan. Cash knows no border and the policy is a worldwide protection without borders meaning you could be anywhere in the world, you could choose to be buried anywhere in the world, and you could choose any type of send-off you still enjoy the full benefit of your cover.
You choose cremation
Human choices and preferences are not fixed; they tend to be fluid over time. The idea of a rigid funeral policy, which assumes that every policyholder will choose to be buried, is simply not treating policyholders fairly as customers. In later life, some policyholders may opt for cremation against the original burial option. This change in choice means that the policyholder almost certainly loses out because there is no clear monetary value to say, by opting for a cheaper send-off, your family banks the cash savings.
With a cash-denominated policy like Diaspora Funeral Cash Plan the cash value is clear cut and even if the policyholder changes their preference their accrued benefit stays the same and any leftover cash would be for the policyholder’s family.
You are confirmed missing and presumed dead
God forbid, any policyholder could end up in a situation in which they are missing and presumed dead. Whilst this may sound to be a remote possibility, there are numerous incidents where, for example, boats capsize on the high seas, natural disasters occur and planes crash. If a funeral director’s policyholder was a victim, it would mean that they lose out on all the paid for benefits.
In a sad situation like that no coffin/casket is needed. All that the bereaved family would need is some cash to maybe visit the site where their loved one perished, pay their respects and/or do a ceremonial send-off.
Your diaspora children say no to repatriation
A policy that treats customers fairly creates inter-generational financial wealth and security. There is collaborative evidence that first-generation migrants are the ones who tend to be fixated about repatriation and burial back home, even though the fixation seems to fade away the longer they live offshore. Diaspora children are far less likely, in adulthood, to opt for body repatriation and burial back home because they emotionally belong offshore. Sadly, you find a lot of diaspora families wasting money paying for a funeral director’s policy that guarantees them and their children body repatriation and burial back home.
With a cash denominated policy your children could end up anywhere in the world, opt against repatriation and still benefit from the policy because with cash it’s a completely flexible worldwide cover.
You need cash for a host of funeral related expenses
Funeral directors tend to focus on the coffin/casket and transport to the cemetery. There are many funeral expenses that traditional funeral insurance ignores, and they cause serious financial challenges for bereaved families. Examples of these expenses include funeral vigil costs, photo/videography, flowers, church service, family travel, memorial service, shipping or transportation of the deceased’s personal effects, tombstone and unveiling ceremony.
As the saying goes, cash is king, with a cash-denominated policy like Diaspora Funeral Cash Plan the bereaved family will be able to cover a host of funeral related costs that are completely ignored by traditional funeral policies offered by funeral directors.
You lose a relative abroad
Most Diasporans are cash-cows for their extended family back home, so they would normally take funeral policies for their close family members. Sadly, if you were to lose a family member abroad and you needed cash to cover arising expenses such as family travel, your policy would not help in any way. In a situation where a Diasporan was to lose say a parent back home, they may find themselves taking a trip to the funeral, memorial service and tombstone ceremony which all adds up to significant costs that are not covered, notwithstanding that there was a policy for the deceased.
The nightmares caused by this scenario are completely resolved with a cash-denominated funeral policy like Diaspora Funeral Cash Plan. The cash benefit from the policy can be used to pay for coffins, funeral directors’ costs, travel, food, flowers, photo/videography, funeral vigil bills, memorial services, tombstone and unveiling ceremony costs.
You want to exchange your policy for cash
There are many eventualities where, on claim, the bereaved family may want to exchange their policy for cash. This often occurs when it turns out that the policyholder was double covered or is now being buried offshore (where the funeral director that provided the policy does not have presence) or even a situation of a missing person presumed dead. All these situations result in the policyholder getting very little cash benefits or even losing out entirely.
Here a cash policy would be very handy because the monetary benefit is obvious and pre-determined so there is no room to be short-changed by the policy provider who may unscrupulously want to exchange your policy for very little if not nothing.
You are caught in a family funeral during a pandemic
A global pandemic like Covid-19 which resulted in widespread lockdowns, restricted travelling, mandatory quarantines, and delayed burials, has proved that a lot of unplanned funeral expenses can easily arise. Simple examples include cost of mandatory quarantining, cost of mandatory Covid-19 tests for travel and cost of cancelled or rescheduled flights etc. Due to their rigidity, a lot of funeral directors’ provided policies were unable to support bereaved families in the face of these unbudgeted costs.
A cash denominated policy like the Diaspora Funeral Cash Plan simply means that the bereaved family would have enough cash and flexibility to manage in a complex and fast-changing situation.
All the above scenarios point to a simple fact that funeral policies should be structured as cash denominated like the Diaspora Funeral Cash Plan to give policyholders and bereaved families complete flexibility and definitive monetary value. Diaspora Funeral Cash Plan is a worldwide protection without borders policy which means that your change of location and/or send-off choice does not affect your benefit, and cash can be used for anything including paying any related expenses. Cash is King.
If you want to know more about how a funeral cash cover works visit DiasporaInsurance.com. Diaspora Funeral Cash Plan, Your Dignified send-off, Guaranteed!
Tose Gava is a UK based Financial Advisor and Insurance Specialist