Wednesday 21 October, 2020

Frontline heroes honoured by Sagicor with Health Care Heroes Insurance

Chief executive officer and president of Sagicor Life, Ravi Rambarran.

Chief executive officer and president of Sagicor Life, Ravi Rambarran.

Sagicor Life Inc has found a way to tangibly reward the essential workers in the fight against COVID-19.

Healthcare professionals and employees who have been on the frontlines during the COVID-19 can rest easy knowing that the regional insurance company, has launched an innovative insurance initiative to protect employers, staff and their families. 

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In extending its health care coverage during the global COVID-19 pandemic, Sagicor Life Inc launched the Sagicor Health Care Heroes Group Insurance Plan.

The plan is currently available in all markets except Curaçao, where final regulatory approval is taking place.

The insurance plan will cover death, accidental death, and critical illness such as heart attack, stroke, coronary artery bypass, cancer, multi sclerosis, deafness, kidney failure, organ transfer, paralysis, and blindness for doctors, nurses, pharmacists, orderlies, dentists, administrative staff in the public and private sector as well as their family members. 

While COVID-19 is not one of the critical illnesses listed under the plan, Sagicor Executive Vice-President and General Manager Robert Trestrail noted any medical professional, who dies from the virus, will receive benefits once they are part of the plan.

Level One of the plan is valued at $250,000 with a premium of $95 monthly. Level Two is $500,000 with a premium of $170 monthly and Level Three is $1,000,000 with a premium of $340 monthly. Applicants except their dependents must be actively working. A medical statement of good health is required for those over 65 but there are no medical requirements for persons under 65.

Individuals who have preexisting conditions cannot claim under the critical illness for those conditions but can claim for any of the other illnesses on the diagnosis. The insurance cover includes 20 per cent of complementary cover at all three levels. 

Chief Executive Officer and President of Sagicor Life, Ravi Rambarran expressed that it was "unfortunate" the number of healthcare and essential workers who were underinsured in the Caribbean.

"We did our analysis on looking at the distribution of incomes and the national statistics in each country and as much as possible try to find coverages certainly at level one and level two that will satisfy the majority of people we reviewed to be underinsured. This particular group, our analysis shows that they are significantly underinsured and the tragedy and travesty of this virus is that majority of our heroes of whichever sector of society are underinsured. . . . 

"Being underinsured and being under pensioned applies universally across all strata of society because we accept that generally insurance and pensions they don’t tend to be the topics that are the top of diligence as they progress through their lives. Unfortunately, our healthcare heroes are of no exception so if you look at the range of doctors and dentists and administrative staff within the hospital and various offices what you see is a pattern of under insurance," said the Sagicor Life CEO.

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