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Say “I love you” to your loved ones and yourself with a life assurance plan this Valentine!

shutterstock_1154037865 - CopyWith Valentine’s day fast approaching people in Seychelles 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, show your loved ones that you care about their future: Buy a life insurance policy — for your partner, for your kids… even for yourself!

Continue reading “Say “I love you” to your loved ones and yourself with a life assurance plan this Valentine!”

How life insurance pay-outs 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?

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.

Let your life insurance purchase say your “I love you” for you this Valentine’s Day

With Valentine’s day fast approaching 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: Buy a life insurance policy — for your partner, for your kids… even for yourself!

At Sacos, what we have come to realise is that a lot of insurance purchases are made out of love! It says to your beneficiaries: ‘I love you, and want you to be taken care of.’

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

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.

A life insurance policy payout could serve to repay your partner’s outstanding debts, cover end of life expenses or boost your retirement savings!

Similarly your child’s life insurance policy will be able to pay for medical expenses, tuition fees, help them start their own business, funeral and other end of life arrangements… anything they need, really!

Purchase life insurance for your loved ones as a loving gift that keeps on giving, and let the policy say “I love you” for you!

Pay us a visit at our new location in town or call us on 429 5000 or send an email to info@sacos.sc  for more information on Travel Insurance!

 

15 tips on ensuring safe & worry free travel

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For the most part, traveling all over the world is very safe, but just because you are going away does not mean you should throw all caution to the wind!

Here’s our list of safety precautions you should consider:

  1. Get the appropriate vaccines:Make sure you understand the health concerns of the country you are going to visit. For example, if you are travelling to Ethiopia, you must have a yellow fever card.
  2. Use licensed and regulated businesses: It is much safer to use taxis, UBER or other regulated means of public transportation.
  3.  Travel light: It’s so much easier to keep a close eye on your personal belongings when you don’t have a lot of things to carry around, especially on a crowded bus or train.
  4. Carry your passport around: It is safer to move around with your passport as you may need it to identify yourself and to avoid the risk of misplacing it. However, if you know you will be doing an activity which may cause you to lose your belonging (e.g. paragliding), then it is preferable that you keep your passport in a safer place (e.g. hotel safe).
  5. Keep a list of emergency numbers on hand: Your family, the police, emergency numbers, your embassy and your insurance company are all numbers you should have.
  6. Avoid travelling with valuables: Keep your jewellery in a safe, or better yet, leave them at home! If you have to travel with some valuables, like your camera or phone, it is better to keep them out of sight when not in use.
  7. Refrain from using your back pockets: It is easier for a pickpocket to steal your wallet or phone, if you place it in your back pocket, especially in crowded areas.
  8. Be in the know about the safe and unsafe places. Find out as much as you can about safe places and risky areas. Research online and talk to the receptionist or concierge about places you should avoid.
  9. Keep your drinks safe: Always keep an eye on your drinks! Do not accept drinks from strangers, and if your glass has been set down for a long period of time, discard it.
  10.  Stay in touch with someone back at home: Don’t let long periods of time go in between communication. Make it a daily habit of sharing your whereabouts and your updated travel plans with a loved one back at home.
  11. Avoid walking around at night, especially if you are by yourself. Overnighting in a bus or a car might have its advantages, but we always suggest you assess the risks well before jumping into it.
  12. Cards over cash: It is more secure to use Credit/Debit cards that you’ve already got to your name as you can always have it blocked if anything goes south. Do keep some cash in lower denominations also for ease.
  13. Avoid ATMs in secluded areas: Mugging is common in many countries. As much as you can, use ATMs in safe places, such as in banks or malls. Be sure to cover use your hand as cover when entering your pin.
  14. Avoid remote areas: As much as exploring can be fun and adventurous, if you are more safety-conscious, it would be advisable to travel and visit crowded areas. Even when you are in a busy city, you should keep away from unknown streets or short-cuts.
  15. Be smart and get yourself (and your family) insured: Travel insurance is a way to make sure that your travels, especially in an unknown nation, is protected, come what may.

Don’t forget, we have the  Sacos’ Great Travel Insurance Giveaway going on! Purchase your travel insurance between 16 January and 30 April 2020 to be entered into the April 2020 draw and stand the chance of winning the star prize of a return ticket to Malaysia with Sri Lankan Airline!

Pay us a visit at our new location in town or call us on 429 5000 or send an email to info@sacos.sc for more information on Travel Insurance!

 

Countries That Require Travel Insurance

sacos countries that require travel insurance

Did you know that an increasing number of countries are making travel insurance mandatory and you need to show proof before you can enter? This is because they need to protect themselves from the financial burden of medical bills left behind by tourists who leave without paying.

If you arrive in a country without the proper travel insurance, you will be forced to purchase insurance or you will not be allowed to enter the country.

What countries have travel insurance requirements?

The list below has been taken from .roamright.com and is accurate as of February 2019.

Schengen Nations

The following countries are a part of the Schengen Area which are under an official agreement that allows for easy travel between the countries’ borders.

The following countries are a part of the Schengen Area:

  • Austria
  • Belgium
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Iceland
  • Italy
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland

As a part of the Schengen Visa application process you must have proof of travel insurance. For Seychelles passport holders who receive visa on arrival in many countries, it is still advisable to purchase your travel insurance beforehand.

Travel insurance kiosks/offices are available in many of the countries where travel insurance is mandated, for those who are ill-prepared, but we strongly recommend purchasing your travel insurance from Sacos before you depart for your destination — after all we do have some of the lowest rates on offer!

Also, getting proper travel insurance before you leave for your trip allows us to provide your with a plan that best fits your need and saves you time once you visit the country!

Visit  our website to get a quote or  visit us as Maison Esplanade to purchase your insurance and increase your chances of winning our prizes! Alternatively you could call us on 429 5000 or send an email to info@sacos.sc and an officer will get back to you!