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Is Thai Life Insurance An Affordable Option?


up2you2

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You are probably thinking that you would have as much use for life insurance in Thailand as a fish needs a bicycle. Simple because if you or your lady died tomorrow, your children could take up their option of the Thai family insurance, and return back to Nakon Ratchanowhere.

But in the event you would like to provide something more, and haven't already made it, is life insurance an option? The premium rates in the UK are really cheap in comparison, but you have to be resident to take out a policy.

Well here are some figures, annual percentage premium rates of the sum insured, I have come up with out of interest, for a 42 year old female, term NOT whole life insurance for a period of up to 20 years, for a sum of 10 million Baht:

 

United Kingdom .098%

Bangkok Life .4221%

ING 10m 15 years .48%

Ayuda Allianz .498% + solely accidental cover .15%

Muang Thai .524%

CSC - Bangkok Life Insurance .55%

Ace Life .63%

AIA .667%

Insurance Thais 5m 20years .685%

Prudential .787%

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thai life insurance has only one winner!

it is an invitation for stupid Thai relatives to try to manipulate fate just to find out later that the insured sum is not paid out if there is only the smallest suspicion of foulplay!

so your relatives loose, your wife looses and you loose your life and the Insurer wins!

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Easier to get a Dutchman to part with his cheese

Gold - I'm sure this phrase has been around since Flash was a boy but this morning's the first time I've seen it. Well done.

As for insurance companies - I assume the ones in LOS are similar, but one thing's guaranteed - they always come out on top. Nevermind the little old man who has paid into the scheme for decades, or the grieving widow who can't pay her bills... vultures.

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You are probably thinking that you would have as much use for life insurance in Thailand as a fish needs a bicycle. Simple because if you or your lady died tomorrow, your children could take up their option of the Thai family insurance, and return back to Nakon Ratchanowhere.

But in the event you would like to provide something more, and haven't already made it, is life insurance an option? The premium rates in the UK are really cheap in comparison, but you have to be resident to take out a policy.

Well here are some figures, annual percentage premium rates of the sum insured, I have come up with out of interest, for a 42 year old female, term NOT whole life insurance for a period of up to 20 years, for a sum of 10 million Baht:

 

United Kingdom .098%

Bangkok Life .4221%

ING 10m 15 years .48%

Ayuda Allianz .498% + solely accidental cover .15%

Muang Thai .524%

CSC - Bangkok Life Insurance .55%

Ace Life .63%

AIA .667%

Insurance Thais 5m 20years .685%

Prudential .787%

 

I've statistics in my uni-exam, insurance mathematics is related but not the same.

You can't compare between different countries, it depends on the population, number of customers and life expectancies and so on. The differencies between different insurance companies indicate that they are not based on just statistics. Also I think the big amount has been calculated.

 

Ask instead for a more normal sum of 2 million baht - I guess it's much cheaper.

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