Buying life insurance in Thailand

[KPG59]

I'm seeking information from the ex-pat community about buying life insurance here in Thailand. Any info or recommendations would be appreciated.

[Johnny Mac]

I'd be interested in this. I tried before and the insurers require a lot of info that 'some' may not be able to provide. It' wasn't straightforward like health insurance.

[CharlieH]

1 minute ago, Johnny Mac said:

I'd be interested in this. I tried before and the insurers require a lot of info that 'some' may not be able to provide. It' wasn't straightforward like health insurance.

I was surprised that brokers (like AA) dont even handle Life Insurance.You have to go directly.

[Johnny Mac]

Just now, CharlieH said:

I was surprised that brokers (like AA) dont even handle Life Insurance.You have to go directly.

Right. I have health with AA and I asked them about LI. It was a few years ago so can't remember exact details, but I gave up in the end as I couldn't put up what they wanted.

 

I've always liked the idea of being worth more dead than alive. Couldn't really care less about myself,  I've had my time, just want my family to be okay.

[Etaoin Shrdlu]

22 minutes ago, CharlieH said:

I was surprised that brokers (like AA) dont even handle Life Insurance.You have to go directly.

Brokers are required to have separate life and non-life licenses. Not all brokers obtain life licenses as this market is dominated by the agency channel here. Those that do often specialize in group life policies that form part of employee benefits packages for corporate customers.

[Etaoin Shrdlu]

Life insurance tends to be more expensive here in Thailand than in Western countries. This is due to the small size of the market and other factors.

 

Thai insurers tend to push their whole life products. These are the ones with  cash value and a savings or investment feature. For US citizens, owning foreign whole life policies can trigger FBAR reporting requirements just like a bank account and can make it extremely difficult or impossible to report the income they generate for US tax purposes. Term life policies don't present these issues.

 

You can try some of the brokers that cater to expats, but life insurance for individuals is mostly marketed directly by life insurers through their agency systems or through affiliated banks.

 

Good luck.

 

 

[Presnock]

Muang Thai Life.  I have accident insurance with them which is cheap but I and my family members have had absolutely no problems with any hospital visits and everything taken care of for more than 10 years.  I did have life insurance with them too but decided it wasn't really necessary as my pension will continue with my wife and is more than enough for her to live comfortably the rest of her life.  Life insurance with them and probably any other Thai insurer must be done prior to age 65 and pre-conditions may not be included.