Life Insurance

[mango888]

I met a guy who did the whole 9 yards. Marry poor girl, build house, buy gold etc. Now family wants to insure his life for quite a large sum, he paying the hefty premiums of course. Their reasoning is so many farang pass away due to the joy of living in the sticks, that in case something happens they will be cared for. I told him i think they want him dead. He told me to fkk off. Last time i give advice to strangers!

[BigSnake]

Life Insurance and Accident insurance is a very good thing in my opinion, I have had it for my 16 plus years in the land of smiles, not because Thai family ask, but because I know it is a good thing to have in these trouble times(drunk driver, bad drivers) we live in. In this case without know the family it's hard to say what is going on with them.

[Crossy]

I bought some low-end life insurance, just death cover of 1/2 million US.

Having seen the problems the wife of a close friend who was killed in Phuket had before she managed to get hold of her inheritance (one2die haven't bothered paying anything as yet) I just wanted to ensure my missus wasn't going to go through the same pain should the worst happen.

Edited December 10, 2008 by Crossy

[simon43]

Tell them that your life insurance will not pay out unless your Thai wife dies first....

Simon

[jasreeve17]

I wouldn't put life insurance in a Thai wife's name (as the 'payee'). I just don't trust the Thai sense of 'morality', at any level in society.

I would have life insurance, that'd pay out to my brother, and ask him to make sure the Thai wife / family (I wouldn't personally have a child with a Thai for a whole list of reasons...) were well taken care of financially.

Too many foreigners (well, people in general) murdered here for money, but if you have a family then you have responsibilities to them.

[mrtoad]

DO NOT FEED THE TROLL

[joskydive]

I met a guy who did the whole 9 yards. Marry poor girl, build house, buy gold etc. Now family wants to insure his life for quite a large sum, he paying the hefty premiums of course. Their reasoning is so many farang pass away due to the joy of living in the sticks, that in case something happens they will be cared for. I told him i think they want him dead. He told me to fkk off. Last time i give advice to strangers!

Guess if he won't listen he has no-one else to blame but himself. I also agree with your thoughts.

[Gary A]

Nah, that would violate my third rule for life in Thailand;

Never be worth more dead than alive.

[So1DoG]

Tell him to do it and you pay the premuim on the condition of that you want to get 50% of the payout if he passes away.

Within 12 months you will be rich

Edited December 10, 2008 by So1DoG

[WeeGB]

Nah, that would violate my third rule for life in Thailand;

Never be worth more dead than alive.

As no one else has yet, I'll take the bait.

What are your other rules for living in Thailand?

[way2muchcoffee]

I'm considering life insurance on myself, with the wife as the beneficiary obviously. I would not have married her if I didnt' trust her implicitly. Having said that, there's no reason to tell her about the policy. Just leave it in the hands of my brother for safekeeping.

Edited December 10, 2008 by way2muchcoffee

[jasreeve17]

I'm considering life insurance on myself, with the wife as the beneficiary obviously. I would not have married her if I didnt' trust her implicitly. Having said that, there's not reason to tell her about the policy. Just leave it in the hands of my brother for safekeeping.

Be carful that the Thai insurance salesman doesn't wanna make a quick buck, and contacts your wife...

[Gary A]

Nah, that would violate my third rule for life in Thailand;

Never be worth more dead than alive.

As no one else has yet, I'll take the bait.

What are your other rules for living in Thailand?

Number one is the golden rule - Never spend more in Thailand than you can afford to walk away from.

The other is to keep a low profile and mind your own business.

[Geekfreaklover]

I'm considering life insurance on myself, with the wife as the beneficiary obviously. I would not have married her if I didnt' trust her implicitly. Having said that, there's no reason to tell her about the policy. Just leave it in the hands of my brother for safekeeping.

Lesson number four.

Never trust a 'brother'

[chiangmaibruce]

Yes, Mr Toad it is a bit sus when the OP only joined today, but it's an important topic so I'll bite.

If you have a family you should have life insurance - esp. if you have debts. this is the first money that your wife (and kids) will get - she may have to wait as long as a year for the balance of your estate depending on any number of variables. both spouses also need to have a will.

1. No, you/he does not need to tell the wife or her family - why take the chance? Write details of your insurance (and all assets and liabilities) in a letter with your Will addressed to each of the executors of your estate. Only to be opened on your demise.

2. some posters have said who they would/wouldn't leave it to. You may not have the choice depending on company policy and/or laws in the respective country. In Australia for example some companies allow you to nominate a beneficiary (binding or non-binding nomination) but others don't. Those that do, make you renew this nomination every 3 years or it expires. With no nominated beneficiary (or an expired one) then the money goes to your estate -> depends then on your Will. Even then it can be challenged in court.

3. you don't have to take out the insurance in thailand (keep it really at arms length) but make sure you are still covered if living here - you need to check this as policy may have exclusions or time limits, eg. after six months overseas you are no longer covered.

[torrenova]

Life assurance in Thailand is a rip off. I was quoted 13 times the equivalent UK premium. Buy it where you come from and remember all that you state only has to be valid at the exact time you sign the form. Suicide usually requires you pay premiums for one year before they will pay out.

[chiangmaibruce]

OK, Torrenova has just reminded me of another important point ...

I have also had a quote for life insurance here and was also initially shocked at the cost ... but the answer (in my case at least) was that the typical life insurance policy sold here is a quite different product to what I was quoted on in Australia. The most popular policy sold here (and also to the asian market in australia) is an investment product not straight life insurance. In other words after so many years you get your premiums back and perhaps also some interest payments. This type of product was also popular a long time ago with the mainstream market in australia (before there were so many other better investment and savings products available)

[mrtoad]

Yes, Mr Toad it is a bit sus when the OP only joined today, but it's an important topic so I'll bite.

The OP has already admitted that he is reincarnation of another ID, so it's not even worth bothering.

Edited December 10, 2008 by mrtoad

[susquosh]

Life assurance in Thailand is a rip off. I was quoted 13 times the equivalent UK premium. Buy it where you come from and remember all that you state only has to be valid at the exact time you sign the form. Suicide usually requires you pay premiums for one year before they will pay out.

Thank-you for using assurance rather than insurance.After all death is assured.

[GuestHouse]

Tell the family that if they think that insuring/assuring your life is a good idea then it's fine by you so long as they pay the premiums.

[Geekfreaklover]

Tell the family that if they think that insuring/assuring your life is a good idea then it's fine by you so long as they pay the premiums.

Hahaha, you were joking right?

As long as he does his own cooking, checks the brake fluid before driving, and keeps the night on at night all should be fine.

If you buy life insurance in Thailand don't tell anybody apart from your Broker. Why put yourself at risk?

If you tell the family to pay the premium you are simply handing an excuse 'well i bought the policy so...'

You think that maybe there is a reason that policies bought in Thailand carry premiums more expensive than those same poilcies bought in the west?

Insurance premium rates are calculated by taking the value of the assured and dividing that figure by a potential claim(s) risk calculation figure. The more claims, the higher the premium.

There are a lot of premature life insurance claims in Thailand.

Take caution.

[jfchandler]

As the saying goes, "Life is cheap in Thailand." So that must be why life insurance here is so expensive...

By the way, did anyone ever flush out a reputable U.S. life insurance company that will cover U.S. ex-pats living here in the Land of Scams???

[Phil Conners]

I bought some low-end life insurance, just death cover of 1/2 million US.

Having seen the problems the wife of a close friend who was killed in Phuket had before she managed to get hold of her inheritance (one2die haven't bothered paying anything as yet) I just wanted to ensure my missus wasn't going to go through the same pain should the worst happen.

Is that with a Thai company? How much do you pay for that if you don't mind me asking?

[scorecard]

Nothing wrong with the concept however please be aware that life assurance is a very immature industry in Thailand.

Beware of the numerous 'get rich quick' agents who would sell their mother if they got offered a half good price.

I know, we had two cases of this in my family. My Thai son's Thai wife was talked into buying both life assurance on her mother and health insurance for her mother, all sold by her long-term best friend from high school. Life policy was basically worthless, health policy was way over the top in terms of coverage and was costing a fortune. All since cancelled, friends no more.

Edited July 1, 2010 by scorecard

[Heng]

Have a modest life insurance policy from back home, don't need a big one as just my real estate holdings are already enough reason for my kids to hire a hit man. ;-)

Would advise health insurance with any mainstream 'big' local firm (I use AIA despite AIG's stateside issues simply because of their coverage here and the only risk are relatively modest premiums) just for the convenience of it. Don't want to have to check into a hospital (perhaps unconscious) in an emergency situation and have to prove your ability to pay a bill.

Edited July 2, 2010 by Heng

[astral]

Just remember the farang who married a Thai girl, then bought a house in her name.

Soon after he was found dead at the bottom of a well.

Mother-in-law had him bumped off........

It was back in the late 80's but the story has stuck in my mind.