Life Insurance, Any Recommendations?

[Satcommlee]

Hi,

I've been in Thailand for years, hold work permit and married to a Thai with a young son.

I have an account with good standing with Kasikorn Bank for 6 years.

I'm interested in getting a life insurance policy (I'm late 30's), I'm not talking 100'000 baht though, it should be in the millions.

Anybody have any experience or advice?

I am thinking that I should take a policy that a Thai person would take out, and not an "expat" policy sold to me by a farang.

Thanks

[rgs2001uk]

Life insurance for who, yourself, your wife or your son?

I am thinking that I should take a policy that a Thai person would take out,

The majority of Thais I know dont have life insurance policies.

Suggest if its for you, research your home country.

[Satcommlee]

Life insurance for who, yourself, your wife or your son?

I am thinking that I should take a policy that a Thai person would take out,

The majority of Thais I know dont have life insurance policies.

Suggest if its for you, research your home country.

There is only one bread-winner :-), the life insurance is for me only.

There are Thai's of means that have this sort of thing too, my question is really which Thai companies accept farangs? The work permit is a big plus to get enrolled I'm sure.

Many if not most Thai's have simple insurance policies of 100K, it comes with thier banks etc..

I have thought about the home country insurances but what a minefield that would be with red tape.. I really want a Thai policy.

Thansk for your input.

[rgs2001uk]

Sorry, I dont understand your situation, doesnt your employer offer any sort of insurance?

100k is hardly any sort of money these days.

Try a company like Prakan Thai cheewit, do you want a life insurance/medical policy, or life insurance only?

Most of the banks will sell you such a policy.

[Satcommlee]

Sorry, I dont understand your situation, doesnt your employer offer any sort of insurance?

100k is hardly any sort of money these days.

Try a company like Prakan Thai cheewit, do you want a life insurance/medical policy, or life insurance only?

Most of the banks will sell you such a policy.

I've got medical with BUPA international, I'm just looking for simple life insurance, do you have a link for prakan thai cheewit?

I'm not gonna tell the Mrs incase you read about me falling from the 14th floor of Jomtien Condotel :-)

[chiangmaibruce]

hi. clearly there are quite a few variables when trying to compare one policy with another. One factor that you may not think of is whether you will stay in Thailand permanently or have any lengthy stays overseas. Check the fine print on this issue as some policies may not continue cover if you move overseas or even stay away more than a few months.

[rgs2001uk]

Sorry, I dont understand your situation, doesnt your employer offer any sort of insurance?

100k is hardly any sort of money these days.

Try a company like Prakan Thai cheewit, do you want a life insurance/medical policy, or life insurance only?

Most of the banks will sell you such a policy.

I've got medical with BUPA international, I'm just looking for simple life insurance, do you have a link for prakan thai cheewit?

I'm not gonna tell the Mrs incase you read about me falling from the 14th floor of Jomtien Condotel :-)

Ok try here for AIA,

http://www.aia.co.th/en/

and here for Thai Prakan Cheewit,

http://www.thailife.com/

I dont have any from Thailand I dont consider them value for money.

Depending on the type of product you buy, I beleive there are tax benefits available, best talk to your HR people.

[tonydabbs]

There is only one bread-winner :-), the life insurance is for me only.

You are thinking like a Westerner, not a Thai.

I am thinking that I should take a policy that a Thai person would take out,

Thais purchase life insurance as a personal savings program (savings endowments) for themselves or a loved one. This approach, therefore, tends to make high death benefit coverage quite expensive.

AIA brought this concept to Thailand, after finding it successful in China. Before AIA arrived here life insurance companies couldn't survive here marketing "bread-winner" death protectention. In China and here in Thailand, the idea was that their extended families would take care of them if the family bread-winner died.

So what should you do? This is where we Westerners get into the age-old argument over whether Term Insurance or Whole Life insurance is best. It just depends on how long you need the coverage for (how long you need to provide "bread-winner" financial security for your family). If the need is only for 10 years or so, Term Insurance might be best. If you don't plan to die soon and you have at least one loved who will be financially dependent on you indefinetely, you need to find a good Whole Life plan. Don't depend on Thais to help because this concept is new to them.

You need to shop and compare for yourself. Focus on death benefit, cost and length of coverage.

[JLCrab]

I know you you mention life insurance, but at your age and assuming you are in good health, you might also do well with an accident/accidental death policy that can go up to 3 million baht. There is a plan like that available from NZI in Thailand at http://www.nzi.co.th/eng/pro_per08.aspx with premiums that will be a whole lot less than any life insurance policy.

Edited January 17, 2013 by JLCrab