When do the benefits of life insurance kick in?

The benefits of life insurance are clear – a specific amount of money is paid to you or your loved one at a future time. This money can be used as a savings, as an investment or as an additional spending income.

When does the benefit kick in?
Life insurance is a contract between you (the policyholder) and your insurance company for a specific sum of money (the sum assured) to be paid to you when the contract expires (term maturity) or paid to your loved one (beneficiary) upon death. In return, you have to pay a monthly (or yearly) premium as agreed with your insurance company.

The benefits of life insurance kick in under three circumstances:

At maturity: When your policy matures, the full sum assured becomes payable to you. Say you took out a SCR250,000 policy over a 30-year term, this amount will be paid to you at the end of the term.

This applies to policies such as Endowment Plan and the Double Security Plan.

Survival benefits: You receive a percentage of the sum assured at regular intervals, depending on the insurance plan you took. Say you took a SCR250,000 Special Endowment Assurance Plan, you will receive SCR37,500 within the first five years, plus every five years after that until the policy matures.

This also applies to policies such as Sacos Exclusive Plan, Sacos Special Plan and Sacos Whole Life Assurance Plan.

Upon death: Most people take out life insurance for the specific purpose of leaving income behind for their loved ones. With life insurance, it doesn’t matter how long you have been saving, the full sum assured is given to your beneficiary upon your passing. 

At Sacos, we cover all types of death, with some exceptions. All our life insurance policies cover deaths by COVID-19. Our policies are generally comprehensive and provide great coverage for money.

If you want to benefit from life insurance, call us on 4295000, send an email to life@sacos.sc or request a quote via our website.

Love, Money, Health? How to keep track of your targets for the year

Did you set out a target for yourself at the beginning of the year? If you did, that’s great news. 

Whether it be love, money, health or some other ambitious goal, you probably want to take stock of your targets for this year.

As we are halfway through 2021, you might find that you are either well on track or way off course. You need not worry though, there are many methods and tools out there to help you stay on course.

To help you out, we have compiled some useful ways to help you achieve your goals.

1. Make a to-do list. As obvious as this may be, many people do not actually write down the goals they set for themselves. But a visual representation of what you hope to accomplish in a given year can keep you motivated, inspired on track. 

2. Be specific. A vague target that you cannot tangibly see or assess might not make you feel that you accomplished a lot in the year. If you are specific however your achievements might be more clearer and even more important, realistic. 

3. Map out your goal. It’s not enough to set a goal for yourself, you must also have a plan to help you get there. Whether it be a savings target for the year, a new car or simply quitting smoking, you need to work out the minute details of your plan. 

E.g. Say you have a target for SCR50,000 in your savings account at the end of the year. Calculate how much you can save per month, cut your spending, sell items you no longer need/use or sell some of your work if you have a hidden skill like painting or crafting.

4. Monitor your goals. While July is a great time to audit your annual goals, monitoring them more often might be more helpful. How often you do it should be up to your comfort level. You’re trying to live a happy and fulfilling life, so there’s no need to put yourself under pressure.

5. Reset your goals. There’s no shame in knowing that you may not accomplish what you set out to do when the year started. Life can be complicated and challenging at the best of time and 2021 hasn’t been one of those times. You can make a new list or do a simple revision of the one you currently have. 

Having a yearly goal is great, but a lifetime one is even better. While we cannot help you decide a lifetime achievement for yourself, we can help you get there. Life insurance policies are designed to help you make a savings plan for yourself in future.

Your policies can pay you at regular intervals or you can be paid a lump sum amount at the end of policy plan.

Contact us today on 429 5000 at life@sacos.sc for more information or visit our website for a quote.