Anyone have experience of loan insurance from a bank, here in Thailand ?

My wife has 1 loan for 1.8mil which she paid 14k for life insurance, obviously to cover the loan should she die.

Now, we just took another loan of 1.5mil against the same plot of land, with the same bank.

This time they tell her that she has to have life insurance, plus personal accident, plus fire insurance. Total 35k.

The house already has fire insurance, my wife has personal accident insurance but allegedly it is compulsory Loan was already approved but staff at the bank would not transfer the money until she agreed to take the 35k insurance package ! 6hrs she spent in there contesting it

Life insurance I can understand but the rest sounds like a commission rip off...

Any thoughts ?

Is loan for lands as stated or for home and land as it seems? That amount would be huge just for land. And if for home and land can fully understand bank requirement for insurance - what you currently have on your own you could drop at any time.

The insurance is geared to really protect the bank against the loan not being paid off for whatever reason although it's dressed up as a loan that protects the person and land/house....it's also tied to each loan number. New/another loan...new insurance.

Thanks for the responses.

It makes a bit more sense now.