Life Insurance for the Expat in Thailand and SE Asia

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Life Insurance for the Expat in Thailand and SE Asia

There is a lot of movement of people from the West to the East. What are the reasons for people relocating? Is it due to the wish for a better climate, work offers, business opportunities, health, economics or retirement?

These are just a few of the many reasons for this movement. Landing in a foreign country does have its ups and downs, and getting acquainted with the laws, cultural differences, languages, etc. can be daunting but exciting.

There are some life’s priorities that need to be addressed, namely Health Insurance, Bank accounts, Wills and of course Life Insurance.

What should we look for in a Life Insurance Policy?

Why take out a Life Insurance policy.

People take out a policy for various reasons:

Maybe you have just got married and have started a family. I am sure that you would want to provide for your wife and or children after you are gone. This could be so that the family maintains a set standard of living, covers educational fees, etc.

Moving to Thailand

If you have a mortgage or other financial obligations – loans, hire purchase, etc. and if you are the only/main bread winner in the family, it gives the peace of mind knowing that your loved ones will not be burdened with payments for the family Home mortgage or other basic financial obligations.

Maybe you want to also cover the Inheritance tax as set by your country of Nationality (depending on location of assets). We are able to advise on other financial products that can also be used in this regard.

Costs – How much will I pay each month and in what currency?

Most policies are available in a variety of currencies, normally in GBP, USD and Euro. You can nominate the currency you wish to pay in, and instruct the Life Company to pay your beneficiaries, when the time comes in the policy currency.

The premium is based on several factors including your budget, the insured cover amount you want and the number of years you want to cover for. Premiums can be paid either monthly, quarterly, bi-annually, or annually.

Depending on your budget, some policies do provide an incentive for annual premium payments.

It is wise to consider currency fluctuations/exchange rates when choosing your currency of choice.

Should you opt for an inflation indexed premium, this will automatically increase the premium annually.

Some Life companies do offer level premiums for the duration of the policy.

 Time frame – Do I take out a Term Policy or a Whole of Life Policy.

A Term Life Insurance Policy is annually renewable and set for X number of years.

A Whole of Life Insurance Policy is just that, until you meet your demise.

Some policies may have a savings element attached. The savings element will be paid out upon the policy holders’ demise. This varies from Life Company to Life Company.

Depending on your age, it may be more beneficial to take out a whole of life policy as opposed to a Term Life Policy.

As an IFA company (Independent Financial Advisor), we can assist you in your decision.

Can I buy a life policy other than in my country of nationality?

Yes you can and you do need to be resident in that country (e.g. Thailand, Laos, Malaysia, and Cambodia) at the time of the application.

There are some Off Shore Life companies whom will issue a Life policy on your spouse, in your country of residence. Ask us about this.

Portability – Can I take my policy with me when I relocate or return to my country of Nationality?

Yes. The policy will remain with you upon relocation. Should you decide to return to Australia/UK/ USA/Germany, in some cases your premium may change depending upon your new country of residence.

Do I need to have a medical examination?

It varies from company to company and your age. In most cases, a blood test is required and all medical examinations are paid for by the Life Company.

 How do I find a Life Policy suitable for my needs?

Most Life companies do not deal directly with the public, but through IFA’s. Using a reputable IFA such as ourselves, we will guide and assist you in your quest.

 

Life Insurance Thailand

 

Tigon Consultancy works on a no fee, free appointment basis and all details that are discussed are as you would expect, kept confidential.

If you are seriously considering buying a good Life Insurance policy for yourself and/or partner, Tigon Consultancy looks forward to hearing from you to discuss this further. Click here to contact us.

 

In Bangkok, Thailand, we work on an appointment basis only. Other areas will be treated on a case by case basis.

By |July 15th, 2016|Categories: Health Insurance Thailand|Comments Off on Life Insurance for the Expat in Thailand and SE Asia

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