Life Insurance Policy On Myself For My Thai Wife

[TonySoprano]

Which Thai Life Insurance companies do you trust the most for a farang to use for his Thai wife? Also, does anyone have any idea how easy/hard it is to take out a policy with an American Life Insurance company while living overseas? I would like to have two policies because you never know when one company will go bankrupt or just try to screw you over.

I know there will be some jokes, but some advice too I hope.

[patklang]

Maybe you need to stick a clause in it saying any mysterious death does not pay out lol.Especialy if its the long lost brother doing it

[ThaivisaInsurance]

Which Thai Life Insurance companies do you trust the most for a farang to use for his Thai wife? Also, does anyone have any idea how easy/hard it is to take out a policy with an American Life Insurance company while living overseas? I would like to have two policies because you never know when one company will go bankrupt or just try to screw you over.

I know there will be some jokes, but some advice too I hope.

Unlike many of their counterparts in the rest of the world - America included – Thai Life Insurance companies are quite well run.

I am sorry we cannot help you with American companies but as we cannot do business with American companies from Thailand we cannot say if one can take a policy out from here – maybe you can just contact a company and ask ?

For quotations please contact your Thai Visa Broker :

http://insurance.thaivisa.com/quote-form

[BigSnake]

We have ING (Thai) Life/Accident Insurance for some 14 years now. We also have AIG(Thailand), I know they have been getting a lot of press on the bailout thing, but thus far no problems on the AIG Thailand.

[torrenova]

Thai life assurance premiums are a joke and at my last investigation, some 13 times the cost of the UK.

It is nigh on impossible to insure a Thai life through the UK as they cannot quantify the risk but if she was to go to the UK for a brief period, then you could insure her. Moving back to Thailand would be a decision made after the policy was accepted and underwritten.

[Heng]

AIA and Muang Thai Insurance locally for us, and State Farm and Met Life stateside. And yes, you can croak in Thailand, already checked.... although my agent did state that there would likely be an investigation to make sure that you are dead and that all was kosher, as there have been cases of Thai expats in the past who fabricated death certs in collusion with amphur officials. Thais have also been known to create fake birth certs to increase their age when applying for life insurance policies for the "long con" in the US (ie. your grandma is 70 but her first Thai passport says she's 55 and according to the insurance folks she's your aunt); example: if the actuary charts say that most folks applying at 55 have another 18 years to live and there's a high XX% chance of you abandoning the policy within 10 years, so all's still good for the bottom line, "no worries" about approving a heavy pay out policy.

[kamalabob2]

In 2004 I compared the rates and conditions of several TERM life insurance companies in California. Two firms had very similar low rates, one being AAA (as in auto club) LIFE INSURANCE. Well both companies sent out Eastern European nurses to do an in home MORNING health examination including a blood test. I was able to be cleared for the lowest rate category for health with both firms, BUT AAA Insurance wanted a MUCH HIGHER, more than double, annual premium since I had honestly indicated holidays in Thailand. The other company had no such qualms about holidays in Thailand. I compared the coverage benefits to the cost of an annual premium in 2004 and it was a much better value for my situation to enroll in a policy with a company in the USA rather than Thailand. Absolutely no problem to change the beneficiary name of the policy by mail. I was able to see "Insurance company ratings" and compare prices at www.insure.com in 2004. Being PHYSICALLY PRESENT in the USA is probably necessary to obtain a term life insurance policy with a USA insurance firm as the LOWER PREMIUM RATES are only given to the policies where you qualify via a MEDICAL EXAM. That 30 baht note form a Thai Doctor at the clinic might be sufficient for a Thai Drivers License, but not USA Life Insurance. There was no hassle or raised eyebrows to have the beneficiary to have a Thai name, Thai postal address.

In my opinion the Health Insurance provided from a firm such as BUPA is a great value for people who live at least six months a year in Thailand. Bought through an independent Insurance Broker, not directly through the Thai health insurance company in my experience is the better way to proceed.

The "life and health" policies bundled together and sold in Thailand seem a very poor value for BOTH the health insurance aspect AND a poor value for the Life Insurance coverage considering the premium you would pay.

[TonySoprano]

Apparently, the Thai Life Insurance rates are about 20 times more expensive for farang than they are if you take out a policy with an American company. I have searched endlessly online but have not found much about living abroad, just a few mentions about certain areas being forbidden, so I am assuming at the moment that it will not be that big of a deal. And yes, it does seem that you must take the health exam in the USA. Every major site is done up in the "leave your phone number and a time to call you back, we will keep calling until you pick up" format. I got one email response from ING so far and they say you must have a physical US address to get a policy but does that mean you must continue living in the USA? Regardless, looks like I will have to wait until the end of the year when I am stateside and can sort all of this out.

It does feel sort of good knowing that the odds are so far against me dying that I can take out a $2.5m usd policy for only $600 a year.

[Heng]

The odds of you abandoning your policy are also figured in. Insurance is 'business not personal' (contrary to what the ad industry tries to suggest).