Can Foreigners Buy Life Insurance In Thailand?

[ctira]

Not that I plan to axe-murder my husband ...Just want to put away some money for life insurance plus investment. Found out it is not easy to do.

Called up my AIA agent since I would like to buy hubby a life insurance policy which allows you to get your money back at the end of the term (plus receiving interest during the policy term). So she started asking series of questions, and what do you know they require a work permit in order to get this rolling. Then it came down to working issue. AIA seems to be making this too complicating for our situation since we do not have any kind of legal income in Thailand. We are on payrolls in the U.S., but the agent said that seems weird that we are physically here, so how can we work for a U.S. company (questionable things that we maynot be qualified to get insurance).

Are there other companies in Thailand that will do life insurance+money saving policy without work permit stuff? I know lots of Thai banks offer some kind of insurance similar to that. Anyone with this experience?

[ThaivisaInsurance]

Not that I plan to axe-murder my husband ...Just want to put away some money for life insurance plus investment. Found out it is not easy to do.

Called up my AIA agent since I would like to buy hubby a life insurance policy which allows you to get your money back at the end of the term (plus receiving interest during the policy term). So she started asking series of questions, and what do you know they require a work permit in order to get this rolling. Then it came down to working issue. AIA seems to be making this too complicating for our situation since we do not have any kind of legal income in Thailand. We are on payrolls in the U.S., but the agent said that seems weird that we are physically here, so how can we work for a U.S. company (questionable things that we maynot be qualified to get insurance).

Are there other companies in Thailand that will do life insurance+money saving policy without work permit stuff? I know lots of Thai banks offer some kind of insurance similar to that. Anyone with this experience?

The straight answer is 'yes' but it depends on ones Visa i.e. the insured has to have a 1 year Visa (Non O, B etc)

May we suggest you contact your Thai Visa Broker with your requirements ?

Either email or complete the request form : http://insurance.thaivisa.com/quote-form

[ctira]

He is under NON O marriage visa.

I hold a Thai and U.S. passport.

[chiangmaibruce]

Are there other companies in Thailand that will do life insurance+money saving policy without work permit stuff? I know lots of Thai banks offer some kind of insurance similar to that. Anyone with this experience?

Firstly there have been a few other threads on life insurance so you may find some relevant info by doing a search

secondly i have met with AIA in Thailand about life insurance (and other matters) and they could care less about work permit. i am guessing therefore that (unless regulations have recently changed) it might be like the old "farang getting a bank account" issue .... ie. every different member of staff has their own separate reality re: what the regulations actually are. I suggest testing this theory by going to see someone else in same or separate company and then reporting back.

cheers, CB

PS: I am on non-immigrant 'O' visa

[Geekfreaklover]

Life insurance is expensive in Thailand, are you here all the time or just for a few months of the year?

Not to be rude, but shouldn't he be shopping for life insurance himself? I wouldn't be too happy if my other half was shopping for life cover for me.

[barryofthailand]

Try Bupa. They are very accommodating, and not expensive.

Barry

[supbangkok]

I have been approached several times to buy life insurance from friends who are "agents" Insurance companies will take anyone's cash I am quite sure. I have bought all kinds of insurance all over Asia, but none here in Thailand.

[ThaivisaInsurance]

Try Bupa. They are very accommodating, and not expensive.

Barry

Unfortunately BUPA cannot sell Life insurance, sorry.

However BUPA is allowed to sell Medical Insurance and for that their products are priced very similar to other insurance companies Medical products.

[Grey11]

Try Bupa. They are very accommodating, and not expensive.

Barry

Unfortunately BUPA cannot sell Life insurance, sorry.

However BUPA is allowed to sell Medical Insurance and for that their products are priced very similar to other insurance companies Medical products.

My wife (Thai) and I (American) are retiring to Thailand in July. We purchased our home on Phuket two years ago. We have already purchased medical insurance with BUPA. It covers as much as U.S. corporations insurance policies - at about 20% of the price of the same medical here. We paid $1720 for one year - covers us both. If I had not been more than 60 it would have cost us right around $1,000. My wife's friends throughout Thailand tells her BUPA is a very reputable medical insurance company.

Kent

[blackcountryboing]

Personally I would totally steer away from these AIA agents, when it get down to it they usually dont have a clue about the product they are selling, and all the Thais just see these stupid figures, after the second year you get this back... total brainwash policys.

I am with Siam bank and they offer policys etc, so going to investigate them further.

I have a very cheap accident policy from Siam bank at the moment, just to cover for emergencies.

I have banned all insurance people from entering my home... especially when one turned up and had the check to say your BF not love you as he will not buy a policy for you..... "JOG ON"

[bravingbangkok]

Personally I would totally steer away from these AIA agents, when it get down to it they usually dont have a clue about the product they are selling, and all the Thais just see these stupid figures, after the second year you get this back... total brainwash policys.

I am with Siam bank and they offer policys etc, so going to investigate them further.

I have a very cheap accident policy from Siam bank at the moment, just to cover for emergencies.

I have banned all insurance people from entering my home... especially when one turned up and had the check to say your BF not love you as he will not buy a policy for you..... "JOG ON"

Are you serious, they said that to you ? fuc_king mugs !

[blackcountryboing]

Yeah, honest I have no need to make up that kind of thing. I was quite open to find out what they had to offer. When they could not explain there policys to me the local sales Lady from the village got her supervisor to come, and again cleary did not know there product.

Then she came out with this statement after I had decided to leave the conversation.

[Pai2009]

My husband is british, has no work permit with non o visa, has bought a life insurrance a month ago. No problem,excellent policies with good interest rate.

[Pai2009]

Not that I plan to axe-murder my husband ...Just want to put away some money for life insurance plus investment. Found out it is not easy to do.

Called up my AIA agent since I would like to buy hubby a life insurance policy which allows you to get your money back at the end of the term (plus receiving interest during the policy term). So she started asking series of questions, and what do you know they require a work permit in order to get this rolling. Then it came down to working issue. AIA seems to be making this too complicating for our situation since we do not have any kind of legal income in Thailand. We are on payrolls in the U.S., but the agent said that seems weird that we are physically here, so how can we work for a U.S. company (questionable things that we maynot be qualified to get insurance).

Are there other companies in Thailand that will do life insurance+money saving policy without work permit stuff? I know lots of Thai banks offer some kind of insurance similar to that. Anyone with this experience?

chiangmai_thailife(at)live(dot)com

[samran]

I researched life insurance in Thailand a while back.

Simple conclusion, it is very bad value for money. Risk pool is too small, premiums too high compared with the potential pay out.

Ones which sell you on an interest rate are just scams to be honest. Sorry, but it is true.

Ended up getting a life insurance policy in Australia (where I am from) via AMP. Was straight up and told them I lived and worked in Thailand.

For AUD $30 per month (800 baht), I get $750K worth of life insurance (nearly 20 million baht). Couldn't find similar policies like that in thailand. The difference in the premiums, I invest elsewhere. Beats any return you see on those 'savings/insurance' policies you see here.

Suggest you look back in 'the west' on this one. Much, much better value for money.

[robbiecia]

I researched life insurance in Thailand a while back.

Simple conclusion, it is very bad value for money. Risk pool is too small, premiums too high compared with the potential pay out.

Ones which sell you on an interest rate are just scams to be honest. Sorry, but it is true.

Ended up getting a life insurance policy in Australia (where I am from) via AMP. Was straight up and told them I lived and worked in Thailand.

For AUD $30 per month (800 baht), I get $750K worth of life insurance (nearly 20 million baht). Couldn't find similar policies like that in thailand. The difference in the premiums, I invest elsewhere. Beats any return you see on those 'savings/insurance' policies you see here.

Suggest you look back in 'the west' on this one. Much, much better value for money.

Very interesting

Do you think it is available for British nationals?

[samran]

I researched life insurance in Thailand a while back.

Simple conclusion, it is very bad value for money. Risk pool is too small, premiums too high compared with the potential pay out.

Ones which sell you on an interest rate are just scams to be honest. Sorry, but it is true.

Ended up getting a life insurance policy in Australia (where I am from) via AMP. Was straight up and told them I lived and worked in Thailand.

For AUD $30 per month (800 baht), I get $750K worth of life insurance (nearly 20 million baht). Couldn't find similar policies like that in thailand. The difference in the premiums, I invest elsewhere. Beats any return you see on those 'savings/insurance' policies you see here.

Suggest you look back in 'the west' on this one. Much, much better value for money.

Very interesting

Do you think it is available for British nationals?

To be honest, an Australian fund probably wouldn't cover you unless you had some sort of residency right there....

I'd look back in the UK, you will probably be eligible given your nationality, just depends what is on offer. Whatever it is, it has to be better than thailand...

[rgs2001uk]

My husband is british, has no work permit with non o visa, has bought a life insurrance a month ago. No problem,excellent policies with good interest rate.

Please excuse my ignorance, however I take the above with a pinch of salt.

A life insurance policy is just that, it pays out on death, nothing else, so I fail to see how it can be used as an investment vehicle with claims of good interest rates.

I will make the assumption, that your husband bought some policy in Thailand, that is basically a medical and insurance policy in one, and imho not worth the paper its written on, and certainly no use as an invetment vehicle.

I suggest you husband first finds out exactly what it is he requires, if its life insurance, he will get it way cheaper in the UK, if its only medical insurance, there are better alternatives.

I notice the SCB ( thanakan thai panich ) will provide medical cover for 7,000 baht per year, I havent bothered to investigate further as i already have medical insurance, you may find your husband can get better insurance and prices with something like Bupa.

Sorry to rain on your parade, but this is Thailand, and as already noted these salespeople are just that, only interested in their commission and couldnt give a damm if their policies are actually of any use to the buyer.

A few months ago I had an AIA salesman at my house, he was there after a neighbour told him I was interested in taking out a policy, neighbour told me he would have received 5,000 baht in commission from the salesman, go figure it out.

I also have no work permit, only a non o visa.

[blackcountryboing]

Great comments, exactly what I have been saying they dont know there products and are just in it for the commision.

You can also get a cheaper policy at the Siam Bank that just covers emergency treatment its around 1400thb a year. I will investigate the rest of there policys...

[BigSnake]

Yes you can no WP necessary. Check with the folks at ING Life Limited>tele:0-2263-3896, 0-2263-3899 or the folks at AIA

[Pai2009]

My husband is british, has no work permit with non o visa, has bought a life insurrance a month ago. No problem,excellent policies with good interest rate.

Please excuse my ignorance, however I take the above with a pinch of salt.

A life insurance policy is just that, it pays out on death, nothing else, so I fail to see how it can be used as an investment vehicle with claims of good interest rates.

I will make the assumption, that your husband bought some policy in Thailand, that is basically a medical and insurance policy in one, and imho not worth the paper its written on, and certainly no use as an invetment vehicle.

I suggest you husband first finds out exactly what it is he requires, if its life insurance, he will get it way cheaper in the UK, if its only medical insurance, there are better alternatives.

I notice the SCB ( thanakan thai panich ) will provide medical cover for 7,000 baht per year, I havent bothered to investigate further as i already have medical insurance, you may find your husband can get better insurance and prices with something like Bupa.

Sorry to rain on your parade, but this is Thailand, and as already noted these salespeople are just that, only interested in their commission and couldnt give a damm if their policies are actually of any use to the buyer.

A few months ago I had an AIA salesman at my house, he was there after a neighbour told him I was interested in taking out a policy, neighbour told me he would have received 5,000 baht in commission from the salesman, go figure it out.

I also have no work permit, only a non o visa.

Just want to make it clear for you. The policy we got was 20 years investment. Not the one you are talking about. Actually the thailife have a restriction not to give out policy which takes longer than 20 years to farang anyway. Not as good as Khun Samrans one but it is ok. I agree with the other comments, most of the agents here dont know their products but some of them are quite good. They talking about investment not getting money back from the company after certain years. unfortunately they did not find you guys.

[pakorn8000]

Just want to make it clear for you. The policy we got was 20 years investment. Not the one you are talking about. Actually the thailife have a restriction not to give out policy which takes longer than 20 years to farang anyway. Not as good as Khun Samrans one but it is ok. I agree with the other comments, most of the agents here dont know their products but some of them are quite good. They talking about investment not getting money back from the company after certain years. unfortunately they did not find you guys.

I agree to this. Not all the merchant are bad, ain't it? And not all the doctors are good, right? There are good and bad even among our kinfolks/relatives. Respect the good ones and stay away from bad ones.

Think about this. Life insurance could guarantee that you reach the investment target, no matter you run out of time in your life at any spot or not. Other means of investment guarantee nothing about 'time'.. no use to invest if you can not wait for the returns.

[Gary A]

Some time back I had appendicitis. I have LMG health insurance who paid the entire bill. When I was discharged from the hospital there was a guy in the lobby waiting for me. My wife told me he was the insurance man. I just wanted to get home to relax and recuperate. It turned out he was an AIA agent. When I found that out, I walked away. He hassled my wife for probably 30 minutes after I had gone to the car. He then called the house many times and came to the house several times. He was VERY high pressure. I was NOT interested at all and finally had to be very rude. He told my wife that if I loved her, I would buy a policy to protect her. I told him that I would NEVER buy insurance from him and that he should save his time and leave my wife alone.

[ThaivisaInsurance]

The answer to the Topic is 'yes' foreigners can buy Life Insurance - including those without a Work Permit.

[torrenova]

Don't ever combine savings with insurance. They should not even be talked about in the same breath.

[aussiebebe]

Don't ever combine savings with insurance. They should not even be talked about in the same breath.

Just wondering why? all Thai insurance companies I've seen offer health/life policies with some form of savings - what's going on there then?

[allan400]

Many Thai insurance companies offer Life Insurance with Savings build in, simply due to the tax savings they give. They are popular among Thais, because of the Tax savings, and not due to the Life Insurance part. Actually most people buy because they can save tax, and it give some small return of interest after e.g. 10-15 years policy duration. But when you pay the premium, for let's say 5-10 years, all those premiums can be deducted from your salary pre-tax, so no tax. That will mean a 30% instant saving on that money, if you have a high salary.

I have calculated, a typical Life Insurance with Savings, and a 30% tax bracket, will give approximately a return of 6-7% per year (including the regular yearly payments from policy, and the tax savings). But actually the insurance is not an insurance, because it just pays back the exact amount of money you invested as premium.... So insurance pays just 1 to 1....

[rgs2001uk]

^^^

allan,

I appreciate your comments, can you please tell what would be the benefit to a Thai with no tax number on these policies.

I concur, why should I pay in to get back what I paid in 20 years later , we havent even mentioned depreciation.

To tell you the truth, apart from being a tax "dodge" I cant really see the benefits of these policies.

Awaiting your "professional" advice.

[thaiericsweden]

In Thailand, the majority of health insurance is sold by life insurance companies.

AIA Life insurance company commands the largest share of the market, over 30%.

The simple reason for this is that they are the pioneers in the life insurance market in Thailand.

AIA had a very long head-start before the competition realized this was a very profitable business.

There are more than 20 life insurance companies registered in Thailand.

You are sure to get a better offer from an alternate company, AIA is the market leader and does not have to try as hard as the competition.

I would suggest that you avoid to buy health insurance from a life insurance company.

There's nothing wrong with buying a little life insurance, but keep it separate from the health insurance.

(If you want me to discuss life insurance, I have lots to say...and most of it proves that there are alternate investment choices with much better returns.)

The Thai insurance regulations issued by the Office of Insurance Commission stipulates that life insurance companies must include a life insurance policy when they sell health insurance.

Your cannot buy a stand-alone health policy from a life insurance company.

In addition to this restriction, the health insurance plans offered by life insurance companies will have fixed sub-limits on the medical benefits.

Once a sub-limit is reached, the excess balance has to be paid by the customer.

The majority of life insurance customers in Thailand are from the lower income brackets.

These customers usually have no other options for saving money, many are not able to purchase a home because they cannot get a bank loan......hence, their only option is life insurance.

The life insurance plans promoted by life insurance companies are usually the ones that make the best profits for life insurance companies. Agents promote these plans because they earn the highest commissions from these types of plans. The customer is actually the one person to this agreement that benefits the least from the life policy.

Foreigners that do not have a work permit can buy life insurance. Life insurance agents always ask for a work permit because that is what they are taught to do. The work permit is only needed to show a legal address in Thailand. The local immigration office can supply you with a document that states you legal address in Thailand which should satisfy any life insurance company.