Life Insurance Beneficiaries

[Pawpal]

My Thai partner and I are considering buying life insurance policies and naming each other as beneficiaries, but have heard that in Thailand only family members can be listed as beneficiaries. Does anyone know if this is true? Also, any recommendations for life insurance companies/policies in Thailand? Thanks.

Edited June 23, 2006 by Pawpal

[laxman1960]

My Thai partner and I are considering buying life insurance policies and naming each other as beneficiaries, but have heard that in Thailand only family members can be listed as beneficiaries. Does anyone know if this is true? Also, any recommendations for life insurance companies/policies in Thailand? Thanks.

I just asked my wife who is licensed life insurance agent, you can name anyone you want to be your beneficiary. She will double check.

You can PM me for more information and contact information if you are interesting in getting insurance.

Dan

[Pawpal]

Thanks. We had been told by a Thai insurance agent that only family members qualified as beneficiaries, but wanted to check whether or not this is really the case.

Wondering if anyone in the forum might have taken out a policy and named a non-relative as beneficiary. Also, if anyone has had experience making a Thai will (last will and testament).

[Sulaphat]

This is indeed an issue with insurers.

If you do find an insurer who would be willing to name a non-family member as beneficiary, ask specifically about what documentation would be needed at claim time.

You may find that with some insurers it may not be a requirement to prove a formal family relationship at the time the policy is taken out, but probably would be when a claim is filed.

An agent may correctly adivse you that "you can name as beneficiary anyone you wish", which might be true. But the agent may not think to advise you (because you did not ask!) that proof of relationship may be needed in order to sucessfully claim.

Good luck.

[Pawpal]

This is indeed an issue with insurers.

If you do find an insurer who would be willing to name a non-family member as beneficiary, ask specifically about what documentation would be needed at claim time.

You may find that with some insurers it may not be a requirement to prove a formal family relationship at the time the policy is taken out, but probably would be when a claim is filed.

An agent may correctly adivse you that "you can name as beneficiary anyone you wish", which might be true. But the agent may not think to advise you (because you did not ask!) that proof of relationship may be needed in order to sucessfully claim.

Good luck.

In other words, it may be possible to to buy the insurance naming a non-relative as beneficiary, but the beneficiary may not be able to collect the insurance!

Isn't there an insurance company/policy available in Thailand that can make this happen?

[Gary A]

My question is WHY you would want to be worth more dead than alive? Are you happy to be a target or are you simply just stupid? Perhaps you are just a troll?

[TokyoT]

My question is WHY you would want to be worth more dead than alive? Are you happy to be a target or are you simply just stupid? Perhaps you are just a troll?

I guess that depends upon your potential for future returns, and how much you want to take care of your family if you were to have an untimely demise.

Worth more dead than alive? Yes the check my wife would get after my passing would be more than my next pay check – but worth more than all of my future pay checks?

Once my daughter was born I significantly increased my insurance coverage. I think I have an obligation to my daughter to make sure she is in a financially stable situation no matter what happens to me. And I have a small policy on my wife to help defer the cost of child care should she pass before my daughter is in school.

All my insurance policies are US based, and one can pretty much name anyone to be a beneficiary. As for Thai insurance, interesting that they would have a problem with a beneficiary that is not a relative.