Why it makes more sense to save up for your child’s education using insurance

With free education on offer, not a lot of parents think ahead to their children’s tertiary education. The last thing you want as a parent is to deny your child the opportunity of a quality education because you are unable to afford it.

But before you rush over to the bank to open up a savings account, here’s why you should consider an insurance plan instead:

Minimal risks

Most people use cash Instant Saving Accounts for their long-term savings, increasing their balance by making monthly or yearly deposits. But the risk of doing that is they could be losing out substantially as a result! Despite inflation being low, the cost of goods and services is still rising faster than the very low returns being paid on cash accounts, causing buying power to decrease.

Meanwhile, Insurance products meant for savings purpose is capital-guaranteed upon maturity and returns from insurance savings plans are higher than what a typical bank savings account can yield, due to the longer time horizon of the plan.

Continuous savings even under unforeseen circumstances

One of your main concern as a parent is: “will my child still be able to go to university if something bad happens to me?”

The ‘anything bad’ refers to untimely demise, redundancy, disability and being struck with a serious and critical illness. When using bank savings or regular investments to save for your child’s educationthe fund stops growing as intended if you are unable to  inject new funds

BUT using insurance to save will ensure the child’s education fund is not compromised as there is insurance protection!

At what age does my child have to be? 

The best time to get an insurance plan for your child would have been yesterday! But do not worry, you can always start now!

If you cannot decide between the Sacos Junior Plan and the Sacos Education Plan pay us a visit at our branches (Maison Esplanade – Victoria, Pension Complex –Baie St. Anne Praslin, Green Corner –Providence)  or call us on 429 5000 or send an email to info@sacos.sc. We’ll be more than happy to help!

Coastal living: How does it damage your car?

Seychelles is often referred to as paradise, and rightly so! Beautiful azure oceans, white sandy beaches, we are truly blessed. However, living on an island has its downside! In fact, our environment may be the cause or accelerator to vehicle corrosion and damage!

How so?

Well for starters, the combination of the sun and salt air can greatly affect a car’s paint. This happens as a result of the hot sun increasing the pores in the paint, which results in greater absorption of salty moisture. Absorption of salty moisture means one thing: corrosion.

In addition to paint, other parts of the vehicle, such as the brake calipers, nuts and bolts, can corrode as well. Did you know that salty humidity and dew are among the largest factors in progressing corrosion? We didn’t either!

The longer cars are exposed to the sea, the more damage it causes. Our research shows that there is a ‘honeymoon period’ of about three to five years where you probably won’t see much damage. Then, in five to seven years, minor rust spots can develop on the car. We understand that you can’t always replace the rusty parts, like the bolts and nuts, but you should always try to so before corrosion weakens the parts to the point of failure. If the body of the car is extremely corroded, you may find that says that it may be more worth it in the long run to simply replace the car rather than try to fix and repaint it.

How can I prevent ocean-related car damage?

Some areas can have a greater effect than others. If you live right across a beach or in the near vicinity of one, you may one to consider some of these suggestions in order to help or decline in the rate of ocean-related damage to you car:

  • This may sound silly because it comes across as very obvious, but don’t drive on sand or into ocean water. If you absolutely must, be sure to rinse the underside of the car with a hose after it has cooled off.
  • If you have the facility, park in a garage or use a vehicle cover
  • Wash and wax the paint regularly.


By understanding why the damage to your car happens when you live near the ocean, you can take the appropriate steps to help limit or prevent it, and you can enjoy coastal living with minimal corrosion

Importance of keeping a first aid kit on hand

There are plenty of reasons as to why you should keep an emergency kit on hand, at home and at your workplace, but the fact is: Accidents happen.

The thing about accidents is you can never predict when or how they are going to happen, so it is always best to be prepared, and having a first aid kit on hand could save you a few trips to the emergency room. In fact, we believe that you do not need to wait for an accident to happen before you get one! Here’s why:

Kids will be kids! Cuts, bruises, scraped knees and minor burns all come with the territory. Having a first aid kit on hand with appropriate supplies is a godsend when you have a household containing children.

Prevents small injuries from becoming big ones: Leaving a wound untreated can cause it to become infected and can lead to other health hazards. Immediate treatment aids in reducing risks.

Being your own first responder: You cannot always be sure that there will be someone around if you get hurt. Keeping a first aid kit in your house and/or car can be very useful if ever help is out of reach.

Saving blood: This is one everyone seldom thinks about; we only have so much blood! In cases where injuries includes blood loss, having supplies on hand to stop the bleeding can save your life – and provide extra time for you to reach help.

Peace of mind: Knowing that, in the event of an accident, you are equipped can help reduce panic so you are able to control the situation when it occurs.

Liability! No business wants to think about being sued, so be sure to keep a first aid kit on the premise and let your employees know where it is in case an accident occurs.

When accidents occur, no matter how minor it appears, time is of the essence – Keeping a first aid kit on hand means you can provide temporary aid until help arrives. You will feel better knowing you are equipped to help somebody in need – Maybe even yourself!

Tips on how to convince a loved one to purchase life insurance

Are you worried that your loved ones are not sufficiently prepared or protected? Convince them to purchase life insurance!

What should you say to them?

You should tell them the truth:

Life insurance provides financial coverage for loved ones after you pass away

They may be worrying about how they will provide for the people who depend on them. Life insurance can take care of these concerns by supplementing their income, help cover medical debts as well as other expenses they may incur along the way.

It can help them out of debts

If they have any mortgage, or credit card debt that may or may not be discharged upon death, life insurance benefit can repay debts and ease the financial burden survivors face.

Prepare for End of Life Expenses

A seldom talked about topic but people need to start planning their own funeral! As you start planning you will realise how great the cost is; talk with your loved one about the advantages of covering this expense with a life insurance policy.

Emphasize the Benefits of Buying Young

The younger you are when you start, the lower your premium will be! This is because life insurance premiums are typically tied to a person’s age and health. Bonus: their whole life insurance policy will have more time to grow in value the longer they own it. Stress that life insurance is a valuable asset, because lets face it:  it is!

By using these tips, you can hopefully convince your loved one to purchase this valuable coverage for their peace of mind, and yours.

If they do it between now to 31st March, they will automatically be entered into our draw that will be taken in April 2019.

My firm owns a lot of company cars, do I need to insure them all individually?

Short answer? No.

At Sacos we understand that one of the big overheads for a business comes from the ownership and maintenance of a fleet of commercial vehicles.

Your company fleet of work-use motor vehicles represents a significant investment in capital, and a sizeable proportion of the risk the company carries as driving is among the most dangerous work activities.

When motor vehicles are involved in your operations, accidents are likely to happen, and you never know when it will take place or just how severe the results might be for your driver, passengers, and others involved in the incident; or to the surrounding roadway or property!

Our Motor Fleet Insurance Policy, offered to clients with a minimum of five vehicles of more, makes insuring your assets more affordable. The policy protects the fleet from losses incurred as a result of traffic accidents and against third party property damage or injury or death following an accident.

Sacos’ Motor Fleet Insurance is competitively priced and provides comprehensive cover for different types of vehicles. A commercial motor insurance gives your company comfort and protection for your fleet.

Does your company own for than 5 motor vehicles? This cover might be for you!

Pay us a visit at our branches (Maison Esplanade – Victoria, Pension Complex –Baie St. Anne Praslin, Green Corner –Providence)  or call us on 429 5000 or send an email to info@sacos.sc.

Life insurance policy pay-outs: How they work

There is often the misapprehension that you need to die for your insurance company to pay out; that is partly false! Life insurance popularity is on the rise as its importance as a long-term financial plan becomes more evident; but a lot of people still do not understand how and when payouts are delivered!

When are benefits paid?

Yes, typically life insurance benefits are paid when the insured has died, and the beneficiaries file a death claim with the insurance company. They will need to submit a certified copy of the death certificate along with their paperwork.

However, some life insurance policies allow the policyholders to draw against the face value of the policy in the event of a terminal, chronic or critical illness. These policies enable the policyholder to be the beneficiary of their own life insurance policy.

Whatever policy you go for, all of Sacos’ insurance have the following attributes:

  • On survival to the end of the term, the sum assured and accrued bonuses are payable
  • On death during the term, the sum assured plus bonuses accrued up the date of death are payable
  • On Total and Permanent Disablement the sum assured and the bonuses accrued up to disablement are payable

When could the policy not pay out?

A common circumstance in which a life insurance policy will not pay out is in the case of suicide. It is an exclusion clause in your policy. Additional clauses are what are considered dangerous activities, such as skiing or snowboarding.

Also not covered is death through crime or illegal activities, for example if you are burgling a house and the owner stabs you, your insurance will not be paid out.

Sometimes you may be committing an illegal activity but may not realise it! For example: you’re walking on private property. Trespassing is a crime — even if you don’t know you’re trespassing. A tree falls on you and you die. If it turns out that you were trespassing, your claim could be denied.

How to file a claim

Contact us as soon as you are able to after the death of the insured in order to begin the claims process. The beneficiary of the insurance policy must obtain a certified copy of the death certificate.

We’ll be more than happy to provide more information as well as answer any questions that you may have.

Simply pay us a visit at our branches (Maison Esplanade – Victoria, Pension Complex –Baie St. Anne Praslin, Green Corner –Providence)  or call us on 429 5000 or send an email to info@sacos.sc.

Say I love you with life insurance… and stand a chance to win the Star Prize of a 1 night stay at La Briz Hilton!

This February, couples all over the world will be spending money on cards, flowers, jewellery and other gifts as a token of their affection. Be different! Get a gift that will stand out, and be beneficial in the long run – Life insurance!

Sure, it’s not the first gift you think of when you consider romance, but it’s a wonderful and practical way to express your love to the important people in your life! It could even be for yourself!

Stand a chance to win amazing prizes

Stand a chance to win the Star Prize of a 1 night stay at La Briz Hilton on Full Board Basis, inclusive of transportation to Silhouette and back! Don’t fret, we also have 5 vouchers worth SCR500, redeemable against any insurance product of your choice!

The promotion is valid on any life insurance plans purchased between  13th February to 31st March.

The draw will be taken in April 2019 and the winners will be announced on our Facebook page.

Should I buy life insurance for myself?

Your life insurance isn’t just for your peace of mind, your life insurance gives your loved ones financial security and peace of mind too. You might be thinking that you may not be around to reap the benefits of your policy, but just think of how much it can help your beneficiaries. They can use the money for daily living expenses, an emergency fund for the future, debt repayment, school tuition or retirement account funding! Your life insurance won’t replace your presence in their lives, but it can be your last parting gift to them.

How about life insurance for my partner?

At Sacos, what we have come to realize is that a lot of insurance purchases are made out of love! It says to your partner: ‘I love you, and want you to be taken care of.’ Same as the above, the policy payout could also repay your partner’s outstanding debts, cover end of life expenses or boost your retirement savings!

And my children?

Nobody wants to think about outliving their children, and as sad as it is, the reality is that sometimes illnesses or accidents happen. You can’t protect your kids from everything, but you can give them life insurance! Your child’s life insurance policy will be able to pay for medical expenses, funeral expenses and other end of life arrangements.

Purchase life insurance for your loved ones as a loving gift that keeps on giving AND you could walk away with our star prize, or one of our 5 vouchers!

Simply pay us a visit at our branches (Maison Esplanade – Victoria, Pension Complex –Baie St. Anne Praslin, Green Corner –Providence)  or call us on 429 5000 or send an email to info@sacos.sc.