Life Insurance / Life Assurance

[JamieP]

I'm going through some financial stuff with my wife which involves some life policies, on her life not mine.

As she is explaining it to me it sounds like one option is a life assurance policy and one is an insurance policy. These are obviously quite different things but both translate to ประกันชีวิต in the dictionaries I've tried.

There must be a proper definition to distinguish them in Thai?

Thanks

Jamie

[CaptHaddock]

A life assurance policy is identical with a life insurance policy in English.

[JamieP]

Thanks but I'm looking for a Thai language term to distinguish them......

[CMBob]

There is a technical difference although in the US typically we only use "life insurance" to mean all kinds. And some people get all hot and bothered about what you term something, e.g., one site insists that "life insurance" is only insurance that pays an amount when you die (something like what we in the US call "term insurance") whereas "life asssurance" is insurance that pays even if you don't die (something like what in the US would call "whole life insurance").

As to what the terms might be in Thai, heck if I know. I do know there are a some Thai life insurance outfits running around trying to sell a brand of whole life insurance that in fact does not provide the interest returns they promise on their printouts (do the math, you'll see) whereas some outfits are attempting to peddle a policy which mixes both life insurance and health insurance (and at least sometimes is a rather bad deal as you can buy health insurance separately and cheaper). Shop around and make sure you know what you're buying.

[Neeranam]

A life assurance policy is identical with a life insurance policy in English.

Not when I was at school. They were very different.

I'd say การรับประกัน is more assurance and ประกันภัย insurance. Generally, Thais copy the way things are done in the UK so I'd expect a difference.

[SlyAnimal]

My wife couldn't think of different words to distinguish them either, imo get her to describe the policies to you, and what you get from them.

All of the Thai life insurance policies I've seen, are ones where you pay in for x years, and then after x years you essentially get your money back, along with a little interest, if you haven't died (And of course, if you die, the benefactor of your policy gets back lots of money). They might do other ones, but if so I haven't been offered one.