Life insurance?

[deadbeat]

Hi There

 

I have a life policy in the UK but wanted to explore  whether it would be better value to take one out here. I have had some ridiculous quotes from some outfits who clearly dont want my business. Can anyone reccomend any companies that provide this service at reasonable cost?

Any informed imput appreciated.

 

Cheers

[VyacheslavKHV]

I PM you the girl contact, she helped me. But she working only with AIA

[JoePai]

Premiums from all the local Thai Life companies, including AIA, are crazy and far higher than you would pay from overseas providers

[deadbeat]

OK Guys, thank you, 

AIA and others quoted for a 5 mil bht payout the premium would be 400k. This is ludicrous.

Thai life expectancy is only about 5 years behind falangs but this is'nt reflected in these prices.

I currently pay about 60k for 7mil payout but  thought this was a little strong, maybe i was wrong.

 

Cheers

[AmeliaRobertson]

It all depends on which company you took out your previous insurance. Some insurance companies try to save money by extending their services only to the country in which they are located. That is, if you take out insurance in America, and something happens to you in Africa, then you may not get your money. Of course, the major insurance agencies have not noticed such a problem, but you should re-read the contract in order to clarify this nuance. If you still decided to take out another insurance, then I recommend that you use the insurance that I use myself. You can find out Life Insurance Rates By Age on this website. I hope you will find all the necessary information there, good luck!

[SGD]

Life assurance in Thailand is ridiculously expensive and clearly not actuarially driven as the premiums make no sense.

The problem is that whilst UK insurers cannot cancel cover if you move abroad but they will not issue a new policy when you are abroad. Nor will then issue or at least pay out on a policy if you had a known intention to move abroad.

 

Think of it like suicide. In the UK, life assurance will pay out if you commit suicide more than 12 months after taking out a policy as the assumption is that the events which made you take your own life could not be known 12 month or more in advance.

 

I looked into Thai life assurance many times and nothing has changed in 20 years in respect of their rip off premiums.

[omnipresent]

Can anyone explain why Move Forward Party (MFP) leader Pita Limjaroenrat has 18M THB (21% of his wealth) in life insurance policies (whilst keeping only 0.3% of his wealth in bank accounts)? Are life insurance policies really a better place to park money?

[Etaoin Shrdlu]

36 minutes ago, omnipresent said:

Can anyone explain why Move Forward Party (MFP) leader Pita Limjaroenrat has 18M THB (21% of his wealth) in life insurance policies (whilst keeping only 0.3% of his wealth in bank accounts)? Are life insurance policies really a better place to park money?

Returns on the cash value of a whole life insurance policy may be greater than interest paid on a savings account or term deposit. If the returns are guaranteed by the insurance company, this would be a safer bet than the stock market in terms of potential downside.

 

But returns on the cash value of life insurance policies are often secondary to estate planning issues.

 

[omnipresent]

14 minutes ago, Etaoin Shrdlu said:

Returns on the cash value of a whole life insurance policy may be greater than interest paid on a savings account or term deposit

There are high interest bank savings account products that give 1.5% per year, so are there insurance policies that give higher?

 

The high interest rate of those bank accounts apply to a limited amount in the account (e.g. 2M or 3M THB) though. But it's still suprising to see the enormous difference between the 18M THB put into life insurance and only 286k THB in bank accounts.

 

[Etaoin Shrdlu]

1 minute ago, omnipresent said:

There are high interest bank savings account products that give 1.5% per year, so are there insurance policies that give higher?

 

The high interest rate of those bank accounts apply to a limited amount in the account (e.g. 2M or 3M THB) though. But it's still suprising to see the enormous difference between the 18M THB put into life insurance and only 286k THB in bank accounts.

 

I have no idea what may be motivating Pita to have so much tied up in life insurance. Estate planning comes to mind, but I suppose there may be other reasons.

 

[jerrymahoney]

One advantage: Life insurance policies in Thailand are payable-upon-death to beneficiaries without probate.

 

Bank accounts will involve probate.