Hi Mpho. Kellie from Worldnomads.com here.
It all depends on your country of permanent residency as to whether the policy is accepted for Schengen visa applications. World Nomads provides policies underwritten by 5 different insurers depending on where you are from. So for example, if you buy the policy underwritten by ihi Bupa ( covers residents in more than 130 countries), this policy does satisfy all the requirements for the Schengen visa.
If you have any specific insurance questions, please ask our service team directly who will be more than happy to help: https://www.worldnomads.com/contactus.aspx (we try to keep our Ask a Nomad service for general travel questions that our travel community can answer.) Safe travels, Kellie about 6 years ago