Sagicor creates insurance plan for healthcare workers facing COVID-19
Medical workers in Trinidad and Tobago, Barbados, Belize, Aruba, Curaçao, Panama and the Eastern Caribbean, battling the novel coronavirus (COVID-19) on the frontlines, now have an opportunity to benefit from health and life insurance.
This comes as Sagicor Life Inc launched the first of its Health Care Heroes Group Insurance Plans, today.
The plan is currently available in all markets except Curaçao, where final regulatory approval is taking place.
Anyone employed in the medical field, from doctors and nurses to janitors and receptionists, can receive coverage.
Spouses and children of medical professionals can also be covered.
Sagicor Life Inc President and Chief Executive Officer Ravi Rambarran, in his opening address, said the plan falls within the company’s vision to improve the lives of the communities in which they operate.
Rambarran said medical workers are making the ultimate sacrifice to keep their countries safe.
Sagicor Vice President, Group Insurance Susan Boyea said the plan covers life, accidental death, 10 critical illnesses such as heart attacks, cancers and multiple sclerosis.
Boyea said there are three levels of benefits and there is a plan for everyone.
“Our heroes are out there sacrificing their lives for us. We recognize and want to say to you that there is a space out there that is not insured. There is a space out there that needs to be covered. We are reaching out to you and will work with you to bring you onboard,” Boyea said as she encouraged healthcare workers to reach out to their employers and associations to get the group on board and protected.
Level One of the Plan will pay $250,000 (local currency) on death including accident and $100,000 on diagnosis of critical illness. Level Two will pay $500,000 and $150,000, Level Three will pay $1,000,000 and $300,000. The cover includes 20% of complementary cover at all levels, for example, $50,000 (local currency) of life and accidental benefits and $20,000 of critical illness under Level One.
Health care workers, under 65, will not have to undergo a medical examination to receive coverage. While those over 65 will require a statement of good health.
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.
Rambarran noted there is an under-insurance crisis in the Caribbean and he hopes this plan will work to address the shortfall.
Rambarran highlighted the group is not seeking any Government subsidy for the plan since many Caribbean economies “fiscal positions have come under pressure.”
“In no way are we seeking any type of support from our Governments. What we realise is we that can only come out of this together if the private and public sector cooperate and we act together.”
Also speaking at the launch was President of the Healthy Caribbean Coalition Sir Trevor Hassell.
He thanked Sagicor for the initiative since it provides healthcare providers and their families a financial shield as they place their lives in harm’s way.
“This virus has taught us that a whole of society response is needed to offer up and provide solutions for a healthier Caribbean to serve us now and going forward. I believe that Sagicor’s Health care heroes plan is one such solution,” Hassell stated.