Anyone Had Any Dealings With Thailife?

[phutoie2]

Apologies for adding another thread about Thai medical cover!, but my Thai wife has just showed me some sort of medical insurance schedule from "thailife".

She cannot understand why I pay BUPA about 18K Baht per year for both our medical insurance. She always harps on about 'you get nothing back', well apart from a small discount every year if you do not claim.

I have visited 'thailifes' website and it appears to be all about life insurance policies linked to savings. ie 20 year plans etc.

I am not convinced, our BUPA insurance is basic but sort of peace of mind, which is like the annual car insurance, however TW is convinced that we should kick BUPA into the long grass now!

Anyone had any dealings with 'thailife'??

[bazmlb]

Thai Life also have Thai Health, the Thaivisa Group policy is supplied by Thai Health, Personally i have used them and never had a problem claiming, with 3 operations for a broken hand it was present the card at the Hospital and then just pay the excess when you leave.

More on the Thaivisa Group plan here http://insurance.thaivisa.com/medical-package/medical-program.html

[rgs2001uk]

phutoie,

agree with you, these policies are aimed at the financially illiterate, pay in 15 k per year for 20 years and collect 50k baht in 20 years time, and in the meantime have been offered medical insurance that could at best be described as basic.

The whole insurance industry seem tied up with worthless endownment policies that may well not even be legal in other countries.

Samran did an excellent write up on these policies recently, but cant find the exact thread to link, perhaps he will read this and repost his original precis.

[jazzbo]

When I had knee reconstruction surgery the hospital bill equaled my first 3 years of BUPA Platinum premiums -- the 'excess' I was forced to pay consisted of one CocaCola from the hospital room mini-bar.

BTW the OP's wife is a very astute financial planner presuming her plans include that no one in the family will become sick or injured in the near future.

Edited January 31, 2011 by jazzbo

[phutoie2]

I have found the info I was interested in now!

Here

[tonydabbs]

You are talking "apples and oranges" here. Bupa and Thai Health Insurance are health insurance companies. Thai Life Insurance (who happerns to own Thai Health Insurance) is a life insurance company. Life insurance companies are allowed to sell basic inpatient hosital insurance as a rider on a life insurance policy. Life insurance policies serve as savings programs for Thais.

The only life insurance sold by health insurance companies is PA insurance (Accidental Death & Dismemberment coverage). Health insurance companies and life insurance companies are governed by 2 totally different sets of rules.

The coverage offered by Bupa Platinum is far superior to health insurance coverage provided by a life insurance company. But, the coverage provided by Bupa Ruby or THI WH1000 are nothing to get excited about in comparison to life insurance health insurance coverage, except that their premiums are much lower than life insurance health coverage. But with life insurance, you start getting some of the premiums back in a few years.

Frankly, I lean towards keeping life insurance and health insurance seperate

Edited February 6, 2011 by tonydabbs

[samran]

phutoie,

agree with you, these policies are aimed at the financially illiterate, pay in 15 k per year for 20 years and collect 50k baht in 20 years time, and in the meantime have been offered medical insurance that could at best be described as basic.

The whole insurance industry seem tied up with worthless endownment policies that may well not even be legal in other countries.

Samran did an excellent write up on these policies recently, but cant find the exact thread to link, perhaps he will read this and repost his original precis.

You mean these scams masquerading as savings plans?

Yes, aimed at the financially stupid...no that would be kind. Just aimed at the stupid.Here was my contribution to how these schemes (don't) work.

If you want insurance, buy health insurance - like you have. Bupa, Thai Health...etc. Feel blessed if you never have to use it.

If you want a savings plan, put it in the bank.

Never, ever, mix the two (as proposed by the OP), as you'll lose money (ie negative real interest rate) and you won't have health coverage should you ever need it.