Maybe this is not so familiar thing for foreigners, but you might heard it from your Thai family. What I understood, they sell so called insurance which covers only death.

Usually broker is someone from the village and have sold insurance to many villagers.

500 baht monthly payment and beneficiary gets 200 000 baht after a death of the person who was insured (in my wife's family case).

I haven't paid any attention for this since I heard my wife is paying this kind of insurance. Thats over 15 years ago.  I talked about stock market investing insted of this...

As we are not living in Thailand at the moment my wife's sisters take care of payments and this week when she went to pay insurance she was told that they are not paying any benefits at the moment.

 

So I made some research. and it appeared that payment problems started at least 2015:

https://www.nationtv.tv/news/378704021   Article is two years old. About meeting at the police station. That time they were short 50 million baht.

 

Next article (from last year)  is about how they have changed their management and cutting cost, so they have been in red all the time. And

started to sell another insurance to cover death due Covid-19.

https://www.makkhaeng.com/25-07-63-p-tiger/

 

Sister of wife was told that there were over 100 people on line waiting for payments. Who knows is it 1 000 or much more.

 

 

 

 

My gf told me about something similar in her village. The way she described it to me that sounded like a local scheme. Like everybody in the village pays 1000B per year and then the funeral cost (maybe 30k to 50k) will be paid.

 

I have no idea if that is the same as "your" insurance. And I have no idea if they pay the money. My point is there might be many local schemes everywhere and if one doesn't work doesn't mean another also doesn't work.

These are indeed normally local schemes - often covering a couple of villages. Every now and then you hear of some fraud or other..

Small village Farang neighbor up the road moved on. During the funeral the family had a picture 

taken holding a sign which I assume is the insurance... if I recall correctly it was 80,000. 

Update: They are now "temporary" closed. Wife read Facebook that this club has been closed for 3 days now, but this news article says it's closed since yesterday.

 

https://news.ch7.com/detail/536325

 

Maybe they read this topic and acted quickly????.  They took 500 baht montly payment last week though. Lets see what happens