Was in my bank today setting up a DD. Assistant Bank manager approaches wife and I with new account they have.

Deposit 44,444 baht once annually and receive 8,000 baht net per year. Minimum 1 year, maximum 15 years. Seems too good to be true but when wife asked for manager, he too confirmed it. Also if I die she gets 700,000 baht insurance.

It's with the purple bank. Any one else familiar with this account?

Yes SCB now pays 20% interest a year.

And then I woke up and my bed was all wet.

The purple bank ? Are you sure it was not the blue green or yellow banks. That also have their own promotions.

Ok just been told I have been sold an insurance account.

Didn't realise and have given them 44,444 baht.

Is there a back out time for these things? surely there is? Please tell me there is?

Ok just been told I have been sold an insurance account.

Didn't realise and have given them 44,444 baht.

Is there a back out time for these things? surely there is? Please tell me there is?

I commend you for having the balls to admit it - well done!

Ok just been told I have been sold an insurance account.

Didn't realise and have given them 44,444 baht.

Is there a back out time for these things? surely there is? Please tell me there is?

I commend you for having the balls to admit it - well done!

I have read on here that I have 7 days to back out. Correct?

life insurance product.all the banks are pushing them.

I would think "insurance" straight away with that kind of offer, but that works for some people, and of course, the bank. I usually say no thanks but have, on occasion, taken the advert flyer to peruse later.

Bank employees, IMHO, aren't far removed from the lady yammering into a microphone about alloy alloy hot dogs on promotion at the Tesco.

Do how much do you get at the end of 15 years?

I'm thinking of getting some life insurance as I'm 51.

Do how much do you get at the end of 15 years?

I'm thinking of getting some life insurance as I'm 51.

After 15 years - 570,000 baht. plus (112,000 baht paid in 8000 increments.....see below)

Year 2- 15.... 8,000 baht paid to your current account, paid every year.

You die and wife gets 700,000 baht.

You pay 666,600 baht over 15 years and get 682,000 back with life insurance over 15 years.

Good luck.

Yea, sounds like a whole life insurance investment plan. Krungsri tried that once (about 3 months ago) on me while I was doing a counter withdrawal. Same kind of deal, have X-amount deducted from my savings account once a year, earn this much interest (maybe, hopefully) and also have some insurance. Now none of the Krungsri reps used the whole life insurance phrase until I started asking various questions and then one said while smiling, Yes, whole life insurance product. I figured it was that before they admitted it. I then said thanks...I have plenty of insurance...and internally I was thinking don't touch a whole life insurance product with a ten foot pole...when the dust settles it's not that great and what you actually earn in interest over X-years can greatly depend on the stock markets/whatever investment vehicle driving the product.

Do how much do you get at the end of 15 years?

I'm thinking of getting some life insurance as I'm 51.

After 15 years - 570,000 baht. plus (112,000 baht paid in 8000 increments.....see below)

Year 2- 15.... 8,000 baht paid to your current account, paid every year.

You die and wife gets 700,000 baht.

You pay 666,600 baht over 15 years and get 682,000 back with life insurance over 15 years.

Good luck.

Surely this would be different depending on his old you were. Is there a maximum age you can start it? I'd have thought the younger you are the more life insurance you'd get.

I wonder if there are any that offer health insurance also, unlike in the uk.

After 15 years - 570,000 baht. plus (112,000 baht paid in 8000 increments.....see below)

Year 2- 15.... 8,000 baht paid to your current account, paid every year.

You die and wife gets 700,000 baht.

You pay 666,600 baht over 15 years and get 682,000 back with life insurance over 15 years.

Just to be sure I understand it:

You pay 44,444 baht/year for 15 years. After first year, you get 8,000 baht/year in payouts. So effectively you pay 36,444 baht/year starting from the second year.

If you die before the 15 years are up, your wife gets 700,000 baht and the payments stop.

If you are alive after the 15 years, you get 570,000 baht and the life insurance is terminated.

So viewed as a savings account I get this to a yield of about 0.5% p.a. which the life insurance is supposed to compensate for.

Doesn’t sound like the worst product in the world, but certainly not a loss leader for the bank either

After 15 years - 570,000 baht. plus (112,000 baht paid in 8000 increments.....see below)

Year 2- 15.... 8,000 baht paid to your current account, paid every year.

You die and wife gets 700,000 baht.

You pay 666,600 baht over 15 years and get 682,000 back with life insurance over 15 years.

Doesnt sound like the worst product in the world, but certainly not a loss leader for the bank either

A loser for the bank of you are over 60 when you take it out, or you are sick.

I suppose they need a doctor's examination.

Do how much do you get at the end of 15 years?

I'm thinking of getting some life insurance as I'm 51.

I've just started a 15 year savings plan.

$1000 a month and it's tied to the S&P 500, but this one also guarantees 7% regardless of what happens to the S&P 500, whereas (according to me broker) the others don't.

Happy to put you in touch with my broker if anyone is interested via PM.

I've just started a 15 year savings plan.

$1000 a month and it's tied to the S&P 500, but this one also guarantees 7% regardless of what happens to the S&P 500 []

I would read the fine print on this one, as it sounds too good to be true.

I've just started a 15 year savings plan.

$1000 a month and it's tied to the S&P 500, but this one also guarantees 7% regardless of what happens to the S&P 500 []

I would read the fine print on this one, as it sounds too good to be true.

I did and that's why I took it.

I've just started a 15 year savings plan.

$1000 a month and it's tied to the S&P 500, but this one also guarantees 7% regardless of what happens to the S&P 500 []

I would read the fine print on this one, as it sounds too good to be true.

I did and that's why I took it.

If I may ask - what happens to the principal at the end of 15 years?

7% per year based on the compounded figures or?

What happens if you have to stop after 10 years?

I've just started a 15 year savings plan.

$1000 a month and it's tied to the S&P 500, but this one also guarantees 7% regardless of what happens to the S&P 500 []

I would read the fine print on this one, as it sounds too good to be true.

I did and that's why I took it.

Did they release Madoff?

I've just started a 15 year savings plan.

$1000 a month and it's tied to the S&P 500, but this one also guarantees 7% regardless of what happens to the S&P 500 []

I would read the fine print on this one, as it sounds too good to be true.

I did and that's why I took it.

Did they release Madoff?

No doubt a pryimid scheme.

Think about it. What could they be doing with your money that would allow them to pay you 7%? Only thing could be new subscribers money.

No doubt...

Do how much do you get at the end of 15 years?

I'm thinking of getting some life insurance as I'm 51.

I've just started a 15 year savings plan.

$1000 a month and it's tied to the S&P 500, but this one also guarantees 7% regardless of what happens to the S&P 500, whereas (according to me broker) the others don't.

Happy to put you in touch with my broker if anyone is interested via PM.

It's strange how these pyramid schemes rarely are an ETF or mutual fund (both would have a ticker symbol), but you must go through a certain broker...

Edited April 13, 201610 yr by KhonKaenKowboy

Do how much do you get at the end of 15 years?

I'm thinking of getting some life insurance as I'm 51.

I've just started a 15 year savings plan.

$1000 a month and it's tied to the S&P 500, but this one also guarantees 7% regardless of what happens to the S&P 500, whereas (according to me broker) the others don't.

Happy to put you in touch with my broker if anyone is interested via PM.

It's strange how these pyramid schemes rarely are an ETF or mutual fund (both would have a ticker symbol), but you must go through a certain broker...

I asked my broker (who I have known for about 15 years) to set this up for me. I have no interest in mucking around with my own investments.

Do how much do you get at the end of 15 years?

I'm thinking of getting some life insurance as I'm 51.

I've just started a 15 year savings plan.

$1000 a month and it's tied to the S&P 500, but this one also guarantees 7% regardless of what happens to the S&P 500, whereas (according to me broker) the others don't.

Happy to put you in touch with my broker if anyone is interested via PM.

This songs good.

Is that 7% a year?

How much if you die?