Health insurance is not the same as life insurance. There are a lot of foreigners who would prefer Thailand as an ideal destination to retire. You need not worry about having to fill in all the documents in Thai as most of the documents are available in English as well. Life insurance is one of the most important requirements in today’s fast-paced world. Life gets so unpredictable that you cannot even guess what would happen in the next hour. Not every company you work for would provide you with a life insurance policy. Most of them would provide you with a health insurance policy only.
There are around 10 important things you need to consider before buying life insurance in Thailand.
1. Affordable life insurance
A lot of people think that life insurance policies are very expensive. But the answer is no. There are different policies available that suit every kind of income slab people.
2. Insurance policy transfer to home country
The policies are generally not allowed to be transferred to the home country. If the country has a branch of the insurance company from whom you had bought the life insurance, then it might be possible. Thailand life insurance companies generally don’t provide you with this option.
3. Types of Life Insurance
There are majorly two types of life insurance, mainly term insurance and whole insurance. You could decide the period for bringing premium in the term insurance. The whole insurance comes along with an investment option apart from the insurance component that provides a certain amount after the death of the insured person.
If you have a family that is completely dependent on you for financial requirements, then you need to have life insurance without any second thought. All your assets would go into paying off the loans you had obtained and there would be very less amount left for the financial needs of your beloved ones.
5. Health insurance and life insurance aren’t the same
A lot of people assume that life insurance is covered under health insurance, but the answer is no. You need to buy a separate life insurance package.
6. Documentation needed
Major documents like medical history, citizenship details, proof of address, and passport are needed. You could complete all the other procedures at any hospital in Thailand.
7. How to find finding the right financial advisor In Thailand?
There are a lot of financial advisers but not many can throw light on the exact facts surrounding life insurance. The best way to get is to Google in and out looking for the right one. You can Google out for life insurance for ex-pats in Thailand.
8. Beneficiaries of the insurance
There are a lot of people who doubt if the beneficiaries would get the designated amount or not. For this, you need to choose the right insurance services provider.
9. Insurance policies transferred out of the home country
Many of them are unaware of the fact that you can’t transfer the life insurance you had bought in your home country to Thailand.
10. Contact details of IFA
The Independent financial advisor and his contact details are listed. This Google form could be filled and the IFA would get back in touch with you.
https://forms.gle/NKsPzX5sipU5HUsV9 or you could fill this form https://www.thethailandlife.com/about-me-thailand-blog/contact
These are some of the details you need to know regarding buying out life insurance in Thailand. That could be other important details as well. But these are all the most important ones. Life insurance Thailand blogs are aplenty to give you an idea. However, choosing the right one to guide you is even more pertinent.