Life Insurance...

richard_smith237 · June 2, 2016

Ok... So with a Wife and a 2 year old child I figure I'd better do the responsible thing.

Actually, I looked for Life Insurance a few years ago and was continually rejected due to my work offshore.

Today I set about securing Life Insurance to financially protect my Wife and Son should something happen to me.

Today I've been rejected by a couple of Life Insurance companies... again... Well, they'll cover me, but only when I'm not offshore, which is pretty rubbish.

My Question: For you Offshore Workers... Do you have any Life Insurance yourselves? any companies you could recommend ?

rgs2001uk · June 2, 2016

My company provides it.

saorsa · June 2, 2016

I'm with Aviva for life insurance. My financial advisor set it all up for me and apart from having to have a medical due to multiple fractures and being a short fat smoker, it was no issue. I'm in an office rather than offshore these days, but the question didn't even come up.

Nuitum · June 3, 2016

I have AIA life insurance

CGW · June 3, 2016

Are you sure you are not covered by your company, be very surprised if you are not as everywhere I have been it is a requirement?

I have my own policy now as I am consulting as stated above, AIA have no qualms insuring offshore workers.

Cheers

richard_smith237 · June 3, 2016

Thanks guys... AIA is not an option...

Point 8 of this blog is an interesting one:

http://www.thethailandlife.com/10-life-insurance-thailand?gclid=CM70tMLLi80CFUmVaAodEtsIAw

There is also the issue with not being able to transfer the Policy (AIA) should I move back to the UK.

I'm a consultant, not salaried staff and work for various different Oil & Gas Companies throughout the year.

Its never been a requirement to have either Medical or Life Insurance... Although each time we go offshore we are covered automatically the Oil Company Medical Insurance (although I also have my own BUPA cover).

richard_smith237 · June 3, 2016

I'm with Aviva for life insurance. My financial advisor set it all up for me and apart from having to have a medical due to multiple fractures and being a short fat smoker, it was no issue. I'm in an office rather than offshore these days, but the question didn't even come up.

Thanks... I'll look into Aviva...

William Russel provided me with Quotes - But also the Caveat that I'm only covered when not offshore or travelling to offshore !!!... Pretty useless then, especially with recent chopper accidents... (I'll be avoiding the Super Puma anyway !).

CGW · June 4, 2016

AIA give competitive rates if you are living in Thailand, based on medical treatment here is cheaper than most places, if you want a transferable policy like BUPA oil & gas you will pay more, which is obviously worth it if you intend moving in the future.

Still struggling that you can go offshore with no insurance, as a consultant do you work through an "agency" surely they have insurance coverage for you, if you had an accident on the rig you would be covered under the rig owners/contractors policy.

richard_smith237 · June 4, 2016

AIA give competitive rates if you are living in Thailand, based on medical treatment here is cheaper than most places, if you want a transferable policy like BUPA oil & gas you will pay more, which is obviously worth it if you intend moving in the future.

Still struggling that you can go offshore with no insurance, as a consultant do you work through an "agency" surely they have insurance coverage for you, if you had an accident on the rig you would be covered under the rig owners/contractors policy.

Life Insurance - Not Medical or Health Insurance...

The Consultancy that I work through covers my BUPA Medical / Health Insurance.

In fact, I was medivaced a few years ago and found out that I was covered 3 times !!! - My Consultancy Insurance, the Oil Company I was consulting for and the Rig Operator all had coverage for me - there was some discussion as to which insurance took the hit !

But I've digressed... I'm not interested in Medical / Health Insurance - thats all covered.

The cover I'm looking for is a 'payout' in the event of a major accident (offshore, or on my days off) or my death - something to see my family taken care of and my son's education taken care of.

CGW · June 5, 2016

Ok, understand now - The insurance world can get/is very complex, some years back it was one of my responsibilities to get passes for people going onboard a rig we had in a shipyard, one of the requirement for the passes were proof of insurance for the personnel, sounds simple - it was a bloody nightmare, it was just after the Deepwater Horizon incident, the shipyards insurer's were trying to make money as both Haliburton and Transocean were involved, they took this as a huge red flag.

saorsa · June 6, 2016

I'm with Aviva for life insurance. My financial advisor set it all up for me and apart from having to have a medical due to multiple fractures and being a short fat smoker, it was no issue. I'm in an office rather than offshore these days, but the question didn't even come up.

Thanks... I'll look into Aviva...

I got a 15 year policy for $250 USD a month fixed premiums. Age 45 and cover is $500k USD with $100k critical illness cover. Much cheaper without the critical illness, but I prefer the peace of mind.

Litlos · June 8, 2016

Rather than shopping around try a brokerage as they have access to multiple companies and will do the leg work for you.

I use AAinsure near Pattaya, the guy I deal with for new stuff is Peter (expat). They apparently have 3 other branches, but I always did the setup via email and now live down that way. They used to be a forum sponsor is how I got on to them.

I think there are a couple of other brokers around Thailand, but have never had a problem so have not looked to hard.

I am in the same line of work, but have never asked them for Life insurance. Costs nothing to try.

Cheers

richard_smith237 · September 8, 2016

On a recent trip to the UK I tried with a UK brokerage and policies underwritten in the UK.

After going through the application process a number of Insurance companies ultimately rejected me for Life Insurance.

Quotes were good: Approx £55 per month for 30 years £500,000 cover (I'm 41), including critical illness.

It would be good to know of what policies are available if anyone has any direct experience of obtaining life insurance here in Thailand.

I will also give AAInsure a try as suggested above.

canopus1969 · September 8, 2016