accident / health insurance - advise

[momtaz]

Hello guys,

Few years ago, I was visiting an exhibition at IMPACT,

approached by a representative of prudential insurance, and started explaining their advantages and packages,

she told me to start the package by a premium of 100k THB annual for at least 3 consecutive years,

after the this period I can withdraw the total paid = which will be 300k, plus a percentage, around 15 - 25 % as I remember, i forgot exactly,

However, this agreement is covering accidents internationally, and they offered me a new iphone 5, that time was the latest one.

I would like to ask, if anyone used to buy a such package before?

is there any other similar packages to pay less, or less annual payment, it's kind of locked saving with insurance, where you are insured and your money still there.

Any additional ideas, comments or shared experiences will be highly appreciated.

Kind regards.

[metisdead]

Moving to the insurance forum.

[Suradit69]

It sounds like she was talking about a "whole life insurance."

What is a 'Whole Life Insurance Policy'

A life insurance contract with level premiums that has both an insurance and an investment component. The insurance component pays a stated amount upon death of the insured. The investment component accumulates a cash value that the policyholder can withdraw or borrow against.

I seriously doubt they would only expect you to pay for three years and then give you all your money back plus anything as generous as 15% to 25% interest.

Is Prudential in Thailand a subsidiary of the American or British Prudential??

Insurance companies hold your money and invest it themselves before or until paying out a benefit. Their investments would have to return substantially more than they would be paying out to you or they would have no profit.

I suggest you get something in writing (in English or your home language) and carefully read the terms and also check to see if the company is totally local or a subsidiary of one of the international companies.

I would expect the minimum pay in period to be much longer than 3 years and after making payments for something like 10 to 30 years you might be able to collect something like 4% or 5% in "dividends" on the accrued value.

The terms you describe sound too good to be true, which generally means some misunderstanding or purposeful deception.

Edited May 3, 2016 by Suradit69

[momtaz]

It sounds like she was talking about a "whole life insurance."

What is a 'Whole Life Insurance Policy'

A life insurance contract with level premiums that has both an insurance and an investment component. The insurance component pays a stated amount upon death of the insured. The investment component accumulates a cash value that the policyholder can withdraw or borrow against.

I seriously doubt they would only expect you to pay for three years and then give you all your money back plus anything as generous as 15% to 25% interest.

Is Prudential in Thailand a subsidiary of the American or British Prudential??

Insurance companies hold your money and invest it themselves before or until paying out a benefit. Their investments would have to return substantially more than they would be paying out to you or they would have no profit.

I suggest you get something in writing (in English or your home language) and carefully read the terms and also check to see if the company is totally local or a subsidiary of one of the international companies.

I would expect the minimum pay in period to be much longer than 3 years and after making payments for something like 10 to 30 years you might be able to collect something like 4% or 5% in "dividends" on the accrued value.

The terms you describe sound too good to be true, which generally means some misunderstanding or purposeful deception.

They told me that this is a British company founded over than 100 years ago, and has offices, branches over than 120 countries world wide,

the standard agreement is for 5 years, but the minimum not less than 3 years, so they have 5, 10, 15 years etc..

I would like to know if any company offering such investment insurance, in which to pay annual premiums, benefit of accident, health or life insurance and your money would be withdrawn at the end of the agreement, even no any interest % will be paid is still fine to go for,

[Suradit69]

I would suggest you check online with the British Prudential or any other major insurer in UK or USA and ask them for the payments and benefits on offer for such a Whole Life policy.

Their terms may not be the same as on offer in Thailand, but they should be fairly similar.

The terms you mentioned seem unrealistic to me, but better you ask for some quotes from western insurers to see if they come up with anything close to what you were offered.