Bank always want to sell Life insurance//saving

[Pink5]

I used Bangkok bank for a few years now, and many times..if not most of the times i visit th bank they want to sell me Life insurance/saving who the say have much better interest than bank saving acc. of course its the commission who get them going on pushing on this. When i see the interest they offering, adding cost for commission, tv advertising etc its not ad up, is this some kind of ponzi scheme where they just use new sales to pay old customers..then when new sales dry up the others lost their savings?

 

 

Nikki

[Pib]

Stop using that particular branch.  Either you look like an easy mark to them and/or the staff of the branch are pressed hard by their manager to sell the premium products.

 

I've been with Bangkok Bank for way over a decade...have had and still have accounts at various Bangkok Bank branches and none of them have been aggressive in  trying to sell me a premium product.   In fact, only one time during a new account opening at the HQ branch in Bangkok on Silom Rd did the rep asked if I wanted insurance....I said no, I have plenty already...he continued on in opening the account.

 

Now one time a Krungsri Branch tried to sell me a whole life insurance product twice when withdrawing some money, but each time I just said no thanks.  They don't bother me anymore.

 

 

 

[vaultdweller0013]

Its not a "scam", where you will lose your money, so much as selective and confusing accounting and advertising.

 

The high rates of return 10%, 15%, etc. are usually for the first couple of years. If you calculate out over the life of the policy, it will be in-line with long term fixed deposit rates, maybe with a slight premium. However, the main downside is that you need to keep paying in for the full period. If you miss a payment or want to stop, you can't without losing a lot.

 

So, in short, they are almost never a good deal, but are legitimate products.

[1FinickyOne]

I do not think it is a scam, just annoying sales practice and half the time, the employees selling the product have no understanding or answers to the simplest of questions, like the rate of return...

 

They put together crazy products often geared toward what might sound like a great sales pitch to the uninformed...

 

My least favorite was the one that offered a 50% return the first year... of course, there was no 50% return, they were just giving people back half of their investment... 

 

Just quickly say no thanks and move on...

 

[Satcommlee]

If you pay tax in Thailand you can offset 100'000 THB per Year against your taxable income for life Insurance, and 500'000 per Yearfor Long Term Mutual Funds.

 

Up to maximum of 500'000 Baht.

 

So if you are a high tax payer in Thailand these schemes can be beneficial.

 

But for those that don't pay tax - stay away not worth it!

[Grubster]

12 hours ago, Satcommlee said:

If you pay tax in Thailand you can offset 100'000 THB per Year against your taxable income for life Insurance, and 500'000 per Yearfor Long Term Mutual Funds.

 

Up to maximum of 500'000 Baht.

 

So if you are a high tax payer in Thailand these schemes can be beneficial.

 

But for those that don't pay tax - stay away not worth it!

Whole life insurance is never worth it. Term life is if you have a child to raise you should have some on you to pay for their schooling etc., in the event you die. Try doing the math on a whole life policy whether its tax deferred or not.

[Satcommlee]

3 hours ago, Grubster said:

Whole life insurance is never worth it. Term life is if you have a child to raise you should have some on you to pay for their schooling etc., in the event you die. Try doing the math on a whole life policy whether its tax deferred or not.

 

Only the actual life insurance component (and not savings element) is tax deductible.

[laislica]

Don't worry, it'll probably stop when you hit 70 LOL

[Ulic]

Have you not read about the Wells Fargo scam. Sell, sell, sell, push, push, push. And when people

say no, just sign them up anyway. Bank accounts, credit cards, insurance. You are getting a soft sell.

Staff berated for stopping the hard sell to a customer after three "No's" from the customer during the

sales pitch.