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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!

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.

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!

On Saturday 24th August Sacos organised an outing for the residents of the elderly Home at Anse Etoile. The aim of the event was to provide a memorable day and an opportunity for the elderly to enjoy themselves in a stress free environment outside their residence, as some have not been able to go out of their home for a couple of years. The event was grounded in culture and provided a catalyst for the elderly to reminisce the good old days.

The event was organized in phases, the first phase being a road trip from the home throughout the northern region of the island from Anse Etoile through Glacis and Beau-Vallon to Victoria. The participants were excited to view the outside world beyond the home. With a smile plastered on their face, the elderly crafted the journey to Domaine de Val des Prés Craft village, where they had a chance to explore the village to their heart’s content. The village excursion also provided an opportunity for the elderly to stretch their legs and rejuvenate after an extensive trip.

At around midday the elderly made their way to the Ballet residence for a private lunching hosted by Mrs. Ballet. The attendees were greeted with welcome drink made from freshly squeezed fruit. During lunch time the attendees were spoiled for choice, as an array of Creole dishes were served as the “pièce de résistance” accompanied by traditionally made desert. As the afternoon progressed, Mrs. Ballet had a few surprises up her sleeve, whereby a symphony of traditional melody was played much to the elderlys’ amusement. From there on the festivities only flourished as the attendees danced the “Kanmtole” as if their feet had a mind of their own.  As the event drew to a close the participants were served lemon grass tea to quench their thirst.

To conclude the day, all the elderlies received a gift basket from Sacos, while other participants received memorabilia as a token of our appreciation, after which farewells were exchanged and the elderly made their way back to the home. Sacos remains a major supporter of the pillars of the community and enjoyed sponsoring the event.

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