Sacos offers Travel Insurance protection for students going on overseas training!

Tania_student travelDid you know that it is compulsory to buy travel insurance for students who are travelling to the USA or any other Schengen visa universities? Even if your child is studying in a country where travel insurance is not mandatory, you want them to have the maximum security available, and that’s where Sacos insurance Group comes in!

At Sacos, we understand the need to prepare for the unexpected: this ranges from anything between hospitalisation, emergency evacuation to even the little details such as loss of your passport.

The truth is, the benefit of having travel insurance is so widely understated that a lot of people simply do not understand its benefits. Let’s break it down for you.

Here are a few benefits you must know about student travel insurance:

Medical cover

As an international student you will most likely be required to pay for any medical attention, and medical services in a foreign country can be  really very expensive. Your Student Travel Insurance Plan is liable to pay for your medical expenses/ hospitalisation with limits up to either USD60,000 or USD100,000. It also covers up to USD400 of emergency dental care as well as emergency evacuation.

Loss of baggage
As a traveller, you know that mishaps happen and there is always the possibility of losing luggage that may contain important documents, such as your passport and license. If your child has the misfortune of losing his luggage, his insurance plan will provide adequate cover and proper support.

Accidents, Medical Emergency or Death
In the event of an accident, the Student Travel Insurance policy provides up to USD10,000 for personal accident cover! Should your child fall sick and is hospitalised for more than five days, this policy provides cover for the travel of one immediate family member to be by their side. In the unfortunate event of the passing of a close relative, the policy will cover the fare for your child’s emergency return home.

Legal help
If your child gets into legal trouble whilst studying overseas, his policy will provide cover against personal civil liability, as well as the cost for legal defense.

The Student Travel Insurance Plan covers a minimum of three months up to one year, and is renewable on a yearly basis. Our policy provides 24 hour personal assistance services.

As parents, you always want to know that your child is adequately protected. Let us provide both you and your child with peace of mind; call us on 429 5000 or visit our website at https://www.sacos.sc/here-for-you/student-travel-insurance/ where you can also request a quote or send an email to info@sacos.sc and an officer will get back to you.

Learn more about our improved Health Insurance Policy

In spite of the great service given by our health care providers in Seychelles, we nevertheless have certain limitations when it comes to intensive and specialised treatment. Many patients have had to travel abroad to receive more complex treatment.

Due to high demand which places an administrative and financial burden on the system, some patients are unfortunately placed on a waiting list. For many, those are the longest ‘waits’ of their lives as they face literal life and death situations.

A few fortunate ones are able to quickly mobilise funds through private resources and as a result have a greater possibility to beat their illness. For others, it is an agonising wait.

Luckily, we have good news for everyone! This week, we launched a new, improved version of our affordable Health Insurance policy.

For only 25EUR per month, our affordable health care plan covers up to EUR100,000 emergency treatment overseas. This covers the cost of the treatment, accommodation fees and airfares for the patient and one accompanying family member.

With an additional EUR10 per month, we also cover the cost of access to private medical and dental practitioners in Seychelles.

Our upgraded policy provides you with the peace of mind, knowing that should you fall sick, you will not have to wait for a long time to receive the urgent care you need.

For more information on our new policy, send us an email at info@sacos.sc, call us on 4295000 or visit any of our branches on Mahe and Praslin.

Boat safety: Man overboard

A boat trip is a wonderful way to unwind and relax, but even with utmost precautions, accidents can still happen and someone can still manage to fall overboard. What should you under these circumstances?

You’re probably thinking something like: “jump in after them, duh!”

Surprisingly, the National Parks Services of the United States strongly advices against this! According to the United States Sailing Association (US Sailing), the three stages of rescuing someone who has fallen into the water are:

Reacting: Yell, “Man overboard!” so that everyone on board the boat is aware of the situation, and stop the boat as soon as you realise someone has fallen off the boat. At least one person on board should maintain visual contact with the victim. Turn the boat 180 degrees while having the person focused on the swimmer call out the victim’s proximity to the boat. Throw in as many flotation devices as possible to help increase the visibility of the swimmer’s position, as well as provide them with safety gear.

You should not jump in after a person who’s fallen overboard, as this puts another person at risk. It may be inevitable sometimes, if the victim is a child or appears to be injured, and someone needs to jump in to help. They should be wearing a life jacket, and the  US Sailing recommends that a rescue swimmer be tethered to the boat.

Returning to the victim: As the boat returns to the victim, it should approach from downwind or down current from the swimmer. This should help with manoeuvrability and will help prevent the boat from drifting too close to the victim. Keep the boat at a slow, controllable speed. Once you are close enough to the victim, throw a flotation device, such as a life ring or throw cushion, with about 50 feet of line attached to it. Keep in mind that overthrowing is better than not having the device within reach, as the swimmer can still grab the line.

Recovery: Once the victim has a hold of the line or flotation device, shift the boat out of gear and start pulling him in by attaching the boarding device, such as a hook-style or rope ladder if possible. Grab the victim under the arms as soon as possible and hoist them unto the boat. Get the victim dry and warm and call for help immediately if they need medical assistance.

Is it time to re-assess your insurance needs?

There is a general misconception that insurance purchase is a one time thing, but it’s not — it requires a periodic assessment of the changing circumstances in your life, and a thoughtful evaluation of whether you require additional protection against any new risks that may have come up.

Whenever a new life event occurs, you should consider reviewing your  insurance coverage. This can mean anything from adding a new type of coverage, to raising or lowering your deductibles on existing premiums.

Here are a few examples of new life events that could require you to re-assess your insurance policies:

Marriage: You may want to add your new partner as a beneficiary on your existing life policy.

Divorce: You may want to remove your former partner as a beneficiary of your life insurance policy.

Birth or adoption of a child: The best time to get a junior insurance plan is immediately; you may want to consider purchasing the policy after the birth or adoption of a new family member – remember, it will never be cheaper than now!

Death of a family member: Nothing reminds us of our own mortality than the sad passing of a family member. Now might be a good time to review your existing policies to cater to your funeral costs and ease the burden off your loved ones, when your time comes.

Purchase of a new vehicle: Sacos has introduced complementary insurance covers, from additional protection for your windshield to a special package on the Personal Accident add-on cover, exclusive to drivers with fully comprehensive motor insurance policies.

Unfortunate circumstances are constantly ensuing and not having the foresight to keep your policies updated might prove to be a terrible mistake.

Recently experienced a new life event and need advice on updating or adding to your policies? 

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 assist you!

What to consider when naming a beneficiary of your policy

This seems an easy one when you take out a policy: Who do you want to benefit from your policy if you are unable to reap the reward yourself?

The thing is, it’s not always as simple as it sounds!

Here are some of our recommended best practices to consider when naming beneficiaries:

Always name a beneficiary. If you have a will, you probably think that your have your beneficiary covered, but this assumption can actually be wrong! You may be surprised to learn that in general, beneficiaries named in insurance policies and retirement plans will take precedence over any instructions you leave in your will. Therefore you need to ensure that you specify  individuals as beneficiaries in your policies and plans.

Be specific. Another common mistake is using ambiguous language. It may seem weird but simply stating “my wife” or “my nephew” may not be sufficient. It’s always a good idea to use full names of intended beneficiaries in order to avoid potential confusion or disputes.

Name a secondary beneficiary. Make sure that it will be you and not your state law that determines who will be the recipient of your policy benefits. If your primary beneficiary should pass away and you have not named a secondary or contingent beneficiary, your insurance policy or retirement plan will be distributed according to your will. If you have no will, the decision will default to state law.

Keep important records in a secure place and tell a trusted family member what and where they are. Death can be quite sudden and many people die without leaving instructions as to where a will, insurance papers and other important records are kept. All too often, benefits go unclaimed because family members don’t know about potential benefits or can’t find important account information. Bank accounts and insurance policies are overlooked. Make sure someone in your family is familiar with your most important records and where they are kept.

Life insurance: Update your beneficiaries!

Quick question: When was the last time you updated your life insurance beneficiaries and beneficiaries on other important financial documents?

If the answer is never, or it’s been a while, you need to get a move on! But let’s be honest, most people do not think about their beneficiaries very often: but they should. Failure to keep your beneficiaries updated can be a costly mistake and have unintended consequences; imagine forgetting to update your beneficiary on your life insurance and your former spouse getting your assets instead of your current partner!

Life and circumstances change. The reality is parents die, marriages dissolve, children are born, and any of these events may warrant a change in beneficiaries. Now is as good a time as any to go through your policies to be sure that your designated beneficiaries are up to date.

Does this sound like something you need to do?

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 assist you!