Insurance--cash If I Die, Cash If I Don't

[jingjingna]

Yeah, Okay I'm an expat running my own small business. Lately, I have been looking for some kind of 'endowment policy' (where you you get some money + some more if you're lucky, but also covers you life for the inititial premium selected providing yo keep up the said payments for 5 or 7 years. Every Year a 5% guarenteed monthly bonus is payable by the company depending on the assured premium . The condition is that your cash is tied up with them for 10-15 years. An addittional 'bonus' is offered but in todays' climate, not something one should seriously bank on!

If this sounds like gooodly gook to you, as it did to me: P.M me and I will TRY to explain....in the meantime, any 'EXPAT' Life experts....please let us know who you are .......SORRY ...THAIVISA iNSURANCE...This is NOT an area you spealize in..so please refrain from postin for once!

[briley]

Wouldn't that be a savings account?

[473geo]

Kind of savings

I think Jing has got it right, an endowment,you pay a monthly amount, say 80% is invested and 20% is life insurance, so on a 10 year policy if you die you are covered for say $20k. If the policy goes the full term you will recieve the 80% plus a bonus depending on the policy.

I am interested as I would like to start one for my kids just a small amount each month

So if anybody knows of anything out there please let us know

Thank you

[jingjingna]

Thank you 473geo! Atleast someone here knows what I'm on about!

So, come on folks....lets get some useful replies rollin in!

[473geo]

Jing I've E-mailed a UK provider so I will let you know if there is anything useful in the response.....provided I receive one of course!!!

[rgs2001uk]

Kind of savings

I think Jing has got it right, an endowment,you pay a monthly amount, say 80% is invested and 20% is life insurance, so on a 10 year policy if you die you are covered for say $20k. If the policy goes the full term you will recieve the 80% plus a bonus depending on the policy.

I am interested as I would like to start one for my kids just a small amount each month

So if anybody knows of anything out there please let us know

Thank you

As many people in the UK for example are now finding out they were sold endowment policies that werent worth the paper they were written on, usually offered by the mortgage providers.

I remember people were being sent shortfall warning letters a few years ago, the maturity amount isnt enough to pay the mortgage arrears.

A few years ago there was a thriving market for second hand policies, dont see too much of that these days.

Many are going to be somewhat dissapointed when the policy finally matures.

Just my own thoughts, where do you think these guys put your money?, in the markets of course.

With a bit of detective work you can make your own arrangements and outperform many of these policies, that are usually front end loaded, and have prohibitive fees for cashing in early.

For the financially ignorant or uninitiated a good starting point to save on a regular basis would be something like an investment trust or mutual fund, do your homework and stick with old established firms, I wont go into naming names as apart from investing in a few myself I have no interest in selling their products, there are however certain names I wouldnt touch with a barge pole.

There are no products for sale in Thailand I would even consider, look at the outrageous claims made on their marketing products, guarnanteed, in this day and age I think not, most dont understand something as basic as compound interest, the blind leading the blind.

If the op is looking for pure life insuarance there are better deals to be had in his home country.

There are different options, one that covers you for only life insurance, you are covered for the life of the policy, say 10 years, no pay out at the end, I repeat no pay out at the end, you are buying life insurance for a limited time period. An option many often overlook but well worth asking about.

The second option is, as the op points out an endowment policy, sorry as mentioned before there is nothing in Thailand I would use as an investment vehicle.

The op needs to ask himself what is it he requires? life insurance or an investment vehicle, both of which I would imagine he will have a greater choice and protection offered by his home country, unless of course he is from some country like Nigeria.

Its horses for courses, everyone has differing needs and circumstances, the one thing that is applicable to us all is, due dilligence, dont be fooled by fast talking sharp dressed chavs, research research research.

There are many decent posters on here with no vested interest, most will be able to explain in greater clarity than I.

[tonyuk56]

Yeah, Okay I'm an expat running my own small business. Lately, I have been looking for some kind of 'endowment policy' (where you you get some money + some more if you're lucky, but also covers you life for the inititial premium selected providing yo keep up the said payments for 5 or 7 years. Every Year a 5% guarenteed monthly bonus is payable by the company depending on the assured premium . The condition is that your cash is tied up with them for 10-15 years. An addittional 'bonus' is offered but in todays' climate, not something one should seriously bank on!

If this sounds like gooodly gook to you, as it did to me: P.M me and I will TRY to explain....in the meantime, any 'EXPAT' Life experts....please let us know who you are .......SORRY ...THAIVISA iNSURANCE...This is NOT an area you spealize in..so please refrain from postin for once!

AIA thailand i believe is arm of AIG has web site