Aia Life Insurance

[ChiangMaiThai]

I sent in the application for the AIA life and health insurance with the savings plans after one of my staff convinced me...

They came back to me and said that no company in Thailand will provide life insurance with the 'savings plan' built in where you get the money back after 25 years to Americans due to tax reasons. They offered health and life that expires each year.

This is the first I have heard about this. Any comments? I have work permit and live here year round.

The life insurance they offered just seems like a joke compared to American policies.They want 13,000 baht a year for basic health and life. No OPD. If I die by disease, my family gets 75,000 Baht. Great.

What I want is a real health policy where everything is covered. No American style bull5hit where they take your money and then don't cover you when you're hurt. And I want a real life insurance policy where my death provides 10 -20 million Baht for my family, not a couple thousand dollars.

I have looked at LMG for Health. Should I buy the life insurance in the US?

Any comments are most welcome.

[ThaivisaInsurance]

Whilst we agree AIA are a law unto themselves we have never heard of Americans being excluded !

Going back to your requirements, Thai Visa can offer 'term Life' if that is what you are looking for but would suggest it can get expensive over the 5m Baht level - depending on age. Therefore by far the simplest and cheapest way it to take it out from a company in the States.

Medical : Thai Visa can certainly help you there, please go Here for a quotation

[ChiangMaiThai]

They said very clearly that the savings plan is not available to any American from any company in Thailand due to tax reasons. Now that I have done more research, I see that may be a good thing.

I have filled out the info at the link you gave me.

I will look for term in the US and health here.

Out of curiosity, how can these companies in the US offer a million dollars on a relatively small premium, while Thai companies offer a fraction of that amount for a similar premium?

[PennyFarthing123]

Part of the answer may be the life expectancy in Thailand (69 in 2008) verses USA (79 in 2009) You are expected to pay 10 years longer in the US.

[jazzbo]

Life Insurance companies in USA only offer a big payout based on lifetime earnings potential and after a FULL physical exam by a Doctor/Nurse of their choosing... The big ratio payouts are available in Thailand for Accidental Death Policies where a 3000 baht per year premium can offer a 1 million baht award to your beneficiary.

[MegaRanter]

AIA, refused to pay for evacuation (abortion) for a 3 month ectopic pregnancy. They just do what they want and one can not argue. I have since dumped them. But mails in thai still come to the house, straight to the binanyways.

[bkk_mike]

Out of curiosity, how can these companies in the US offer a million dollars on a relatively small premium, while Thai companies offer a fraction of that amount for a similar premium?

I'd say the odds of dying in a traffic accident are significantly higher in Thailand.

Not that you couldn't get into an accident in the US, just that there are these things called ambulances there and paramedics, whereas here you're likely to be thrown into the back of a pickup by someone that's never even heard of a neck brace.

[TerryLH]

You say you're working. Do you have Thai Social Security? They provide decent health coverage, but no life or savings.

[jfchandler]

I've shopped and compared Thai med insurance for both of the past two years, and each time found that LMG's Maxi-Care package offered the best combination of value and coverage among all of the more than half dozen local/expat providers that I compared.

It's renewable pretty much to any age, though of course the premiums go up, and gives the option of inpatient only or inpatient and outpatient together. They have only one option of a pretty high deductible amount per year that reduces their premium.

But I chose to go with their no-deductible full cover inpatient and outpatient coverage, 5 million per incident and 20 million baht lifetime, 8,000 per night hospital room benefit, excludes coverage in North America, Japan, Hong Kong, EU Countries and Switzerland, 200,000 personal accident coverage. Annual premium for age 50 about 44,000 baht.

[ChiangMaiThai]

Thanks for the various info here. Will probably go with LMG for health. I was just denied for term life from a US company because I am living in Thailand. Can anyone recommend a company in the US who is a little bit more open minded?

[jlaaway]

Just be careful what you buy from the U.S. What I mean is be sure to read the small print. I have heard U.S. insurance companies are notorious for selling a policy with all kinds of exclusions. For example, they won't pay if you die outside the U.S.(or even your home state), or you die while riding a motorcycle, or SCUBA/Sky diving, etc. Just like health insurance... sure they will take your payments but when it comes time to pay out.... ???