Need Insurance: Life & Debilitation

[manarak]

My family is depending on me, and I need to insure the risk of my death and my debilitation (blindness, paralysis, brain damage, dementia).

In such case my family needs a monthly sum to be paid to them (for example 5000 USD) until a certain year (for example until 2040).

Do you have suggestions on where I should get such an insurance ?

[ericthai]

Thats a big Policy, about 1.8 million USD. Thai visa offers insurance, but not sure if they have anything like that but you can check the adds on Thai visa and see if they can help you. If not then PM me and I will check to see what I can do as I do own an insurance brokerage company in the USA which I deal with several very large and reputable companies, such as Ohio life, Gerber, etc. however I'm not sure we can get you a policy if you are living full time in Thailand.

Good luck!!!

[manarak]

The policy is not that big, because future cash flows are discounted.

I have the formula somewhere, but I'm too lazy to calculate.

I'd say about 1 million.

I was hoping someone had experience in doing this.

I am still not living officially in the LOS, so I could have a chance initiating the insurance from home.

[jazzbo]

This group has special International Accidental Death / Disability plans:

Stanley R. Patterson, Principal of The Patterson Agency, Inc., is a second-generation agent/ broker. The Patterson Agency, Inc. specializes in health and life programs for international clients ranging from missionaries and their families to expats, immigrants, visitors abroad, students, teachers and much more.

http://www.internationalhealthins.org/inte...html#anchor_102

http://www.internationalhealthins.org/spec...ance_plans.html

Edited January 14, 2010 by jazzbo

[ericthai]

I was trying to help you. Yes, I was being lazy too.

I did mention Thai Visa adds offer insurance, you can check them out.

For the insurance it all depends on how you want the policy, there are many many variables, payouts etc. I was looking at the worst case that if the unthinkable happens 1 week after the policy is issued and then the 1.8 million your family would receive would give them about $60K per year for life from the interest of the 1.8 less taxes and still have the 1.8 in the bank, but there are other options, term, decreasing etc. (yes, there is no tax on life insurance, but to get distributed each month it would need to be put in annuity and then gains on this is taxable)

Actually I'm signing a contract with new life insurance company next week which has an excellent plan life plan, they are very reputable and are a strong company. They also offer disability and critical illness . Again if you are serious PM me. we can get you the right plan.

[torrenova]

You'll need to sort it before you go to Thailand. Life assurance is stupidly priced in Thailand and I see no reason why the critical illness cover you need would be well priced. Either can be written up as a lump sum or regular payment. The life assurance will be fairly priced but the CI cover will cost the earth.

[gregb]

I'm also in the market for life insurance. With twins on the way I have been researching options. After doing my own calculations, I figure my family needs about $750,000 USD, or about 25 million baht.

I was utterly amazed when Thai firms say their maximum policy is only 5 million baht. Apparently, they have never priced out how much it will cost to send 2 kids through private school in Thailand. The pitiful coverage offered by the Thai companies I investigated is a joke, not to mention eggregiously expensive. These kinds of plans might be OK for the rural villagers, but they are hardly practical for expats.

I recently received a quote good for American expats living in Thailand underwritten by Friends Provident International in the Isle of Man. A term policy for me worked out to about $1325 per year, or about 44,000 baht, for maximum 10 years. Since I don't feel the USD as a currency has much of a life span beyond this I saw no reason to go for a longer period. This is twice the price similar coverage would be if I lived in the US, but I guess it isn't fair to directly compare the markets.

Their maximum policy is $1 million USD, so they might be a solution for the OP as well. Although it only covers death and terminal illness. Disability is not included. You might be able to get that added as a rider.

My question is, does anyone have experience with Friends Provident? I don't know anything about them. If an issue came up after my death that required a legal decision, are the Isle of Man laws flexible enough to allow a Thai national to hire a solicitor and bring them to trial? I assume they are the same as the rules in the UK. Is this correct, or is there a subtle difference?

Does anyone else use Friends Provident, or is there anything that anyone can tell me about them?

[jazzbo]

This is just a guess on my part but if you contacted

ACE Life Assurance Co.,Ltd (Thailand)

Lumpini, Pathumwan,

Bangkok 10330

http://www.acelife.co.th/Contact+ACE+Life

... and they could not write a policy to suit your requirements, they probably could arrange for such a policy through their Bermuda HQ where they would be capable of writing a policy to cover the Sultan of Brunei.

[simon43]

I'm also seeking a term life insurance policy and critical illness cover (if I can afford it).

Since I have zero confidence in a Thai insurance company to pay out (cynical me - been living in LoS too long!), I have been contacting UK/US companies. As quoted in this thread, Friends Provident seem to offer a decent level of payout for term life cover. However, the critical illness component increases the monthly premium by threefold. (I've never been ill in my life, so they clearly feel that I will not make it to 65 years old without being seriously ill...)

Looking at things from a realistic point of view, critical illness payouts are not intended to pay for hospital expenses - your medical insurance policy covers that. Rather, they are too pay for long-term care. If you are critically ill to a 'medium' level, then remaining in Thailand and being looked after by your family/paid home-help etc should not be particularly expensive. If you are 'seriously' critically ill, and require specialist care, there is the option (for us Brits), to return to the UK and rely upon the welfare state care.

Personally, if I were critically/terminally ill, I'd rather remain in Thailand with my family and cheap beer

Does anyone have any suggestions as to the best way to cover for, or deal with the expenses associated with critical illness/long-term care expenses?

Simon

Edited February 7, 2010 by simon43

[manarak]

Short update: I contacted Allianz in my home country and they have solutions. But I will have to subscribe to the insurance before leaving my country.

[jazzbo]

I just spoke with my brother in Florida, USA, who has made a late-in-life career change to selling life/annuity/long-term-care insurance for one of the big carriers ... He says that almost to 100% the people who purchase long-term care insurance are those who have had a parent, family member, or friend who went through protracted episodes of Alzheimer's, cancer, etc. and have seen first-hand the consequences both emotional and financial.

BTW (especially for the Canucks) along with being a professional magazine writer/editor my brother was for many years musical director for and traveled the 'Oldies' circuit with the late Glenn Stetson of The Diamonds.

http://en.wikipedia.org/wiki/Glenn_Stetson

Edited September 13, 2010 by jazzbo