Can Farang Buy Insurance In Thailand?

[Belle]

Appreciate anyone who has the information on this area can advise me. Can a foreigner get a life or trerm insurance policy? If that can be done, must the beneficiary be a Thai? And must there be an insurable interest?

Thank you in advance

[jazzbo]

My experience has only been with Accidental Death insurance -- several companies would only allow me to name a direct family member/spouse as the beneficiary. It took a little hunting, but I did find a Thai Joint Venture insurance company that allowed me to do otherwise... at a very reasonable cost, all considered.

[MrSquigle]

Mind mentioning the 'reasonable' cost and for what sum covered ?

I was advised by a friend at MuangThai to not get local coverage for life insurance as the comapanies here will and do simply stop your coverage any time they want. He basically said that you might be happily paying your premiums for 10 years and then they will tell you to bugger off. This was from someone high up the ladder in MT

[bottleymike]

This might not be what your looking for, but banks( the Kasikorn certainly) do a term assurance type deal.

You pay the same amount every year for 6 or 7 years.Its taken from an existing savings bank acount. one example I was quoted was 277,00 Baht a year.

Then in this quote from day one your named beneficiary gets a set amount of 1,000,000 baht if you die.

After three years this amount goes up to 1,800,000 baht.

After 6 0r 7 years you dont pay any more, but they still pay out 1,800,000 baht if you die.

Then at end of term, 10 years you get back 2,000,000 Baht.

There are various amount you can pay, which obviously effect the amount of death cover, and the amount of the eventual payback at term end. The amounts also change with your age. i am 55 and the above figures were for that age. My wife who is younger was given a bit better quote ( less risk of death I assume, as younger)

It might be worth you asking in the banks if its what you want.

[tonydabbs]

Appreciate anyone who has the information on this area can advise me. Can a foreigner get a life or trerm insurance policy? If that can be done, must the beneficiary be a Thai? And must there be an insurable interest?

Thank you in advance

The foreigner must have a Work Permit. The bene doesn't have to be Thai. Yes, there must be an insurable interest (family).

[jazzbo]

I paid for my 'Personal Accident Policy' roughly 4000 baht per year for 1 million baht coverage given my personal circumstances.

[junkofdavid2]

Poster named "Moldy" I think named an insurance broker he used... but his post seems to have disappeared?

[ThaivisaInsurance]

Appreciate anyone who has the information on this area can advise me. Can a foreigner get a life or trerm insurance policy? If that can be done, must the beneficiary be a Thai? And must there be an insurable interest?

Thank you in advance

There seems to be several different points being made here.

First, yes a foreigner can get life or term insurance and no, the beneficiary does not have to be Thai.

Jazzbo wrote : My experience has only been with Accidental Death insurance -- several companies would only allow me to name a direct family member/spouse as the beneficiary. It took a little hunting, but I did find a Thai Joint Venture insurance company that allowed me to do otherwise... at a very reasonable cost, all considered.

--Accidental Death is covered (amongst other things) under PA – Personal accident. This is very easy to obtain in Thailand and is not expensive. Example, a high cover of 2m Baht is only approx 8,000 Baht where 500,000 Baht is just 2,200 Baht.

[Belle]

Thanks for all the help. Any recommendation for an experienced agent whom can speak good english for me to contact?

Thanks again

[ThaivisaInsurance]

Thanks for all the help. Any recommendation for an experienced agent whom can speak good english for me to contact?

Thanks again

Ummm, Thai Visa Insurance .............................