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10 Things to Know Before Taking Out Life Insurance in Thailand

In the last 18 months my life has changed. I got married and became a Dad. It’s awesome. But needless to say this new phase of my life means being more responsible, and part of that responsibility means thinking about what would happen to my wife and daughter if I were to suddenly close my account, so to speak.

And so recently I took the step of taking out a life insurance policy. 

Now, being a foreign national living in Thailand, this isn’t as straight forward as it would be back home. 

Straight off the bat you’re up against it, and faced with a barrage of questions:

Can I take a life insurance policy out in my home country that covers me here?

  • How reliable are the domestic Thai companies?
  • How can I be sure my loved ones will get the money?
  • Why is it these reps don’t seem to know what they are talking about?
  • Are the horror stories of AIA not paying out true?
  • What documentation will I need?
  • Where can I find an honest English-speaking IFA (Independent Financial Advisor) I can speak to?

I’ve been in this predicament, scratching my head and Googling like mad to find someone who has been there and had success. But there simply isn’t much information out there specific to life insurance for expats in Thailand.

The reason for this is probably because those in the know are too busy working high-flying jobs in banking and engineering to post information online regarding their huge life insurance policies.

So it’s up to little old me, to give you the information you need by answering all those nagging questions about taking out life insurance in Thailand. 

thailand life insurance

Thailand Life Insurance FAQ – Your Questions Answered

1. Do I Need Life Insurance?

Not everyone needs life insurance. If I was still living out of a rucksack, just me and my Mac going from country to country, I wouldn’t bother. And perhaps if I’d married the daughter of a billionaire, I wouldn’t either.

But if you’ve got a spouse, a child, both or even a long-term partner, for a small premium each month, you can ensure a pot of money is paid out upon your death to help your loved ones get by. 

You should also consider that if you have a mortgage, or personal loan(s), these things will be paid from your estate (the assets you leave behind when you die). This means that although you house, car and back accounts might amount to a pretty net worth, these assets will have to pay off any money you owe when you die, which could leave your loved ones short of a bob or two.

A life insurance policy will enable you to stipulate what you want to be paid to your loved ones when you die, allowing you to account for things like the mortgage, money for your child’s university fees and money for your partner to support the family. 

To decide whether or not you need life insurance, ask yourself this simple question:

Are there people in my life I care about that will need financial support once I’m gone? 

2. Isn’t Life Insurance Covered Under Health Insurance?

If you thought this was the case, don’t feel silly, it’s a common mistake. Life insurance is not covered by health insurance. Health insurance pays your medical bills while you’re alive, and doesn’t pay anything to your loved ones when you die. 

You may also have heard the term ‘life assurance’; this is the same thing as life insurance, and the two terms are often used interchangeably. 

Here’s a tip: Avoid taking out health insurance that offers combined life insurance cover. This is commonplace in Thailand with companies like AIA, which we’ll get onto in a minute or two. Take out separate policies that allow for maximum flexibility and offer complete transparency. 

3. But Isn’t Life Insurance Really Expensive & Only For Bankers & Oil Rig Workers?

Not at all. In fact, I was shocked at just how much cover you can get for under 40 pounds a month – that’s around 2,000 Baht.

Premiums are extremely flexible, and there’s something for all budgets. Even if all you have is 500 Baht a month to spare, you can still get some decent cover. Whether you’re a teacher on 30,000 Baht a month or an online poker player making five figures a day, it’s accessible for everyone. 

Of course, the cost of cover depends on age and health. The premium is calculated according to the risk factor for the insurer. 

4. What Are The Different Types Of Life Insurance?

Your policy will be tailored to your individual needs, with additional optional cover for things like critical illness and disability. But the core policy itself is likely to fall into one of two categories:

A policy with a set duration limit on the coverage period. Once the policy is expired, it is up to the policy owner to decide whether to renew the term life insurance policy or to let the coverage end. This type of insurance policy contrasts with permanent life insurance, in which duration extends until the policy owner reaches 100 years of age (i.e. death). 

Whole Insurance: 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. 

Reference Source: http://www.investopedia.com/

5. What Documentation Will I Need?

Surprisingly you’ll need very little. The main task is filling out the forms, which require your medical history and personal information such as where you live and what you do for work. Aside from this, you’ll need a copy of your passport and proof of address.

Depending on your policy, the company may request that you have a medical. This will be paid for by the company and can be completed at any of their designated private hospitals in Thailand. 

I didn’t need a medical for my policy, and you might not either. In a way I wish they had requested one; that way I would have had a free check up!

6. How Can I Be Sure My Partner/Children Will Get The Money?

Well the first step to ensuring that your policy is valid under all the conditions you expect it to is to ensure you are properly advised. You need to make sure you discuss all the details and possibilities with an English-speaking IFA (see question 9). 

It’s absolutely pointless taking out a policy with a local company that you don’t fully understand and potentially have been ill-advised on. 

Also consider that if, like mine, your partner is a non-native English speaker, you will want a policy with a reputable company that won’t become evasive in the event that you pass away. By this I mean giving he/she the runaround over the money, passing her from rep to rep, branch to branch, and bamboozling her/him with hidden clauses that require a lawyer to decipher.

I don’t know about you, but should something happen to me, I want the process to be smooth and handled with sensitivity by a company who respects my wife’s position. I’ve read far too many horror stories about local companies to take any risks. 

7. Can’t I Take Life Insurance Out In My Home Country To Cover Me In Thailand?

The general answer is no. I can’t speak for every country, but my experience is as follows. I spoke with my IFA in the UK, and he told me that I’d need to find a company/IFA in this part of the world. 

The reasons for this are, 1, because policies aren’t transferable to Thailand, and, 2, you have to take out the policy with the SE Asia-based branch of the company. 

The good news is that you can transfer a policy back to the UK (or your home country) that has been taken out in Thailand.

8. Shall I Take A Policy Out With AIA Or Another Thai Company?

The short answer is no. The long answer is divided into two parts:

Firstly, you won’t be able to transfer the Thai policy back home, should you return.

Secondly, companies like AIA employ reps that aren’t qualified IFA’s. In short, they do not give advice based on what is best for your situation, personally and financially. Such companies employ sales reps trained in how to sell you the most expensive policy possible. 

Take out a policy with a company that is active in your home country and has an office in Asia that provides policies for expats in Thailand. 

My policy is with Friends Provident, which is pretty much the go-to company for expats seeking life insurance. 

Now, bear in mind that Friends Provident do not deal with the public directly (always a sign of a reputable life insurance company), so you’ll have to go through an Independent Financial Advisor (IFA). 

9. But How Do I Find A Trustworthy IFA (Independent Financial Advisor) In Thailand?

I got really lucky in this regard. I met a guy who makes a fair packet in engineering, and he referred me to his British-born IFA based in Thailand.

Expecting to experience someone trying to sell me on a high end policy, I consulted my father before I set up a meeting. My father worked in the financial sector in similar disciplines his entire career, and advised me on exactly what I did and didn’t need, and what to look out for in terms of unscrupulous behaviour. 

Thankfully I didn’t need this advice. This guy was super, and never once suggested I spend more than I wanted to. He went above and beyond, answering my emails at all hours, helping me fill out the forms and ensuring I understood every aspect of this type of insurance. 

10. Can You Give The Contact Details Of Your IFA?

I can, but upon his request I’m not going to publish his details here publicly. He doesn’t advertise and works exclusively on referral.

I'd also ask that you only contact him if you're serious about taking out a policy.

I say this because I've referred a number of people who have taken up a lot of his time and then dropped off the radar without letting him know whether they want to proceed or not. He does all the work involved in getting a quote for a premium, and once the information has been sent back, the recipient doesn't even reply.

Please don't do that. Please have the courtesy to see the communications through, whether you take out a policy or not. Only contact him if you are serious; otherwise this reflects badly on me, and of course wastes his valuable time. 

If you are serious though and want to have a chat with him/ get a quote, no problem. Drop me a message via this contact form and I’ll email you back with his details.

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  3. Hi I am70yrs old living in Thailand on only a basic pension been married now for 12yrs 2 my thai wife, I am in good health but I now realise that I need life insurance for my wife 2 be left a little bit of money . I could pay about 1000 bht a month but which is the best insurance 2 get , and do expat do life insurance hope u can help

    Reply

    • Most companies will insure you up to age 80, even without requiring a physical exam. That is the good news. The problem is the amount you receive as a death benefit may be less than the accumulated payments you make. If longevity runs in your family, you may be better off self-insuring by putting the same amount in an interest bearing savings account.

      Reply

  4. I sold life insurance for years in the United States and never found that travelling or living in a foreign country was a common exclusion in a policy. The problems usually occured when submitting a death claim, as the documents citing the death overseas had to be translated and certified by an embassy.

    Reply

  6. Thank you for your information. If possible, I would like the contact info for the IFA as well. I’ve been shopping around for life insurance for a while and I’m ready to sign up. I have medical insurance in both the US and Thailand (BUPA) and I’m married to a Thai woman here in Thailand.

    Reply

  8. Good Morning can you possibly provide the names of a few Health Insurance Providers in Thailand. I wasn’t going to get any, but, have been advised by friends that it is best to have it. Appreciate any information you or maybe your followers could provide on this matter. Thanks Thomas

    Reply

  9. Hi, looks as if I’ll be traveling back and forth between Thailand and UK quite regularly and would like to chat with your friendly IFA if possible. I would be grateful for contact details please. Regards Colin S.

    Reply

  10. I have just finished reading your site and found it very informative indeed.I am looking to relocate permanently to Thailand by the end of this year and need all the help i can get on how to live there possibly in Bangkok or Pattaya I would like to meet some local mens clothing manufacturers so i can sell QUALITY clothes online, their are too many people selling cheap clothes i was previously in the wholesale footwear industry,i have also sold residential real estate in Sydney and could also teach English if necessary, i am single and would like to meet a nice Thai girl, I look forward to receiving any assistance you can render to me.

    Reply

  12. Dear thethailandlife, thank you so much for your very informative site. I am have been living in Thailand for a 9 years fully covered in my country of origin.

    Have a Thai partner for a while and looking for a comprehensive medical/hospitalization policy as well as life with critical illnesses for her. I am at lost as to which company to approach and to be able to find someone who speaks English with me. May I seek some recommendation from you please?

    Reply

  18. Hi there, I have been living in Thailand for almost five years and recently married a British national. I am also British. We are looking for a joint life insurance policy. Kindly send your IFA details if that is still possible. Thanks you.

    Reply

  19. It’s crazy how much Thai company try to get all money you have when you are a Farang. If I place by myself the amout of money they ask me, I’ll have much more than what they promise me… It’s insane. I tried many contact many local company but nothing. You are Farang, then you are rich… But it’s not the case when you got a job with a Thai salary. So in other words, PLEASE send me your contact information, I realy do need insurance. We have a litle bread that will come out the oven in less than a month, we have a morguage. As i am the only person that has an income in the house… I realy do need a good coverage in a case of death or big accident.
    Thanks
    Benoit

    Reply

    • Hi Benoit, I agree with your comments. It is very difficult for a foreigner to get reliable life insurance from a Thai company. I have sent you the details. All the best for the coming addition to your family.

      Reply

  22. Hi thanks for the article, I am in the same position as you, I have been married for nearly 1 year and our son is 5 months old. We have just purchased a property and would like to know about life insurance, could you please email the IFA details to me .

    Thanks.

    Reply

  23. Hello,

    Could you please provide me the contact info for Life Insurance in Thailand , I’m an American National soon to Marry a Thai Citizen and retire in Thailand.

    I have provided my email and your assistance would be greatly appreciated.

    Best Regards
    Robert Tyrrell. USA

    Reply

  24. Hi Thank You for the article…. I am not sure if you can help…I have recently married a Thai and am having a baby in April. I am not after life insurance…but rather a good family private health insurance policy to cover trips to doctors or God forbid something more major that requires a hospital visit. Do know any good respectable companies….or does your friend…. I live in Chiang Mai (I hope that is not an issue) and I am originally from Australia. Thanks in advance. Matt

    Reply

  26. Hi,

    Thank you for publishing this information. We’re expats new to Thailand and I have been searching for a life insurance policy for my husband and I. We also need some for personal property. It’s proven to be a difficult task. I would really appreciate the contact information of your IFA if you’re still sharing it.

    Thank you!
    Elyssa

    Reply

  27. Hi Russell. I am ex-forces & myself, my thai wife & our 7yo daughter moved to thailand from the Uk in january. Obviously, finding proper affordable health/life insurance is like walking thro a minefield. Living here on my army pension doesn’t mean I can afford high end insurance so any assistance would be most appreciated….

    Mark

    Reply

  29. I just started looking for information about life insurance and I was lucky to found yr site. The information is very usefull. I myself am Dutch and will start living permanently in Thailand within a few years. My wife (not by dutch or thai law) has a good job and makes her own money. Nevertheless I would like to make sure she will have financial support if my life ends before hers. I also am interested in de name of yr IFA. Also I will check if there are similar dutch IFA. If I would like to contact yr IFA, is it also possible to do that face to face when im there (several times a year). We live in Bangkok & Chonburi.

    Reply

  34. Hi There…

    Great article, extremely interesting and valuable. Thank you so much. As you already know…living in Thailand and understanding the way things go here is extremely difficult. Sounds like you were able to get some sound advice….and also your IFA is probably now extremely busy.
    I hope you can supply his /her details one more time?

    Please note the website….if I can help with anything Mac related.
    Cheers

    Nicholas

    Reply

  43. Hi,

    I am looking for a Life insurance Policy along with combination of Accidental Cover. I was approached by AIA Agent with reference from my friend. But they are a local company.

    Can you suggests me some other company which might have transferrable Life Policy back home in India?

    Cheers!
    Mady J

    Reply

    • Hi Mady, I have sent my IFA’s details to your email address. If you secure a policy here it will be transferable to your country. One of the considerations in being approved for the policy is your country of origin. My IFA will be able to advise further on this.

      Reply

  51. I would appreciate your IFA contact. I currently have a 10 year term for my wife and son through Lloyds of London. The annual cost is $320 US per year for a $150.000US of coverage, however I would like to explore other options.

    Could not find a company in the US that was willing to insure me while residing overseas.

    Regards,

    Patrick
    Patrick

    Reply

  54. Hi have just read your page and am in the process of buying a house with my thai partner and want to make sure shes taken care of should I die so can you please send me any information and contact details to help me with this much appreciated Gary

    Reply

  56. Thank you for this article. I am an American citizen who has lived in Thailand the last 10 years and may return to the US some time in the next 5-10 years. I also have my daughter living here with me and am interested in term life insurance.

    Reply

  59. I am in the midst of applying for my retirement VISA and definately need help with health insurance, wondering if you can email me details of your IFA.

    Soon to be a retiree with minimal income I have decided to retire in Bangkok.

    A regular visitor to Thailand and loving the culture, food and weather.

    Reply

  60. Hi. Great post. Thank you for taking the time to gather and share this valuable information from the expat point of view. Could you please send through the contact information for your IFA? Thank you so much.

    Reply

  61. P.S sorry am male & have been 2x now too Thailand but as I have a UK mortgage & just planning on giving up work in the UK & go travel SE Asia am not as you said married & with children

    My only worry would be on my death my “estate” (isn’t worth much) but without some type of insurance? interested what you would suggest??

    Im only going travel & sight-see & have my budget worked out.

    Again thanks for any suggestion’s or advise

    Reply

    • Hi Mark, as you have no children and aren’t married, I think you probably need good travel insurance that covers you well in the event of an accident rather than life insurance. As you mentioned, it’s always a good idea to make a will before you go travelling around the world, and being in your 30s like me, it’s just a good idea in general if you own a house or have some savings that you want to be left to particular members of your family.

      Reply

  62. good Information.. Am British 36 year & “thinking” of a multi 3x tourist visa & with a mortgage but no wife or children am curious as what your thought’s are?? I would be grateful for any suggestion’s

    Am thinking I will/should make a will before travelling I was quoted about £200 a 1 year “back-packer” but after reading this am not sure if it’s wise.

    Many thank’s & best of luck

    Reply

  65. I have been looking around for a life insurance here in Thailand. Many answers that I have had say yes they can do, but as we all know, many times they say yes it actually means no when you get to the crunch point.
    Could you please send me your IFA’s details.
    Many thanks.

    Reply

  70. Hi, This days im going to get an good healt/life and accident insurance. Been in contact with Bupa, FWD-TMBbank insurance but i dont know what best for me. I got a Thai wife now and her litle boy. Will be very happy if you send me some information.

    Thank you.

    Alexander

    Reply

    • Hi Gary, there sure is. I think it’s because there are few appropriate solutions for us because most Thai companies are offering health insurance with life insurance as an add on. The terms all seemed pretty shady to me too when I was going through the process. Luckily I was introduced to my current IFA and he’s been a god send. I’ll email you the details now.

      Reply

  77. Hi,

    I was reading with great interest your experiences with Insurances for expats living in Thailand. I’m in a similar situation and after spending uncountable hours searching in the web for affordable and worthy life insurances I’m glad that I found your page. Can you forward me the contact details of your IFA? That would be great, thanks a lot in advance. Wishing you a happy family life in this beautiful country!

    Best regards,
    Chris

    Reply

  79. Hi can you please forward the contact details of your FIA to me i have taken out Thai life insurance last year and paid 30000.00 Baht for 500000.00 Baht when i close my account as you say. Which i am not over joyed with but it was the case of us just moving here and i wanted some sort of cover.

    kind regards

    Dave.

    Reply

  80. Hi mate,

    I’m a Brit living in Thaiand and looking for life insurance for my Thai wife. Could you please email the details of your man here.

    I recently got a quote from Thai Life Insurance, via AA Insure in Pattaya…the premium was 50k a year for a period of 19 years, that gave a pay out of 3 million baht upon my death. 3 million was the amount that I requested, as personally I don’t think it’s worth doing for any less that that, but 50k Baht a year is too expensive IMO.

    Cheers, Allan

    Reply

  94. Thank you for this wonderful post about insurance sir. I’m a Filipino who’s planning to extend my work here in Thailand for about two years or less. Can you recommend me a company and a trustworthy IFA or insurance agent? I just want a term life insurance that will cover me in my duration here. Thank you very much sir, hoping for your kind response.

    Reply

  97. Hi,
    I am also an American living in Thailand almost 10 years. I have a daughter as well living here. We have had many issues finding a good IFA and would be so grateful to have someone who could really help us with savings, insurance and investments. Thank you for your wonderful blog and I look forward to your recommendation.

    Reply

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