Buying a Single Life Annuity in Thailand - is it possible?

[jeffbkk1]

At 67, is it possible to purchase a single life annuity, by putting down a one-time lump sum payment, and expecting a monthly disbursement for life? Plenty of programs in the U.S., but can't seem to find one here in Thailand? Do they exist?

[Etaoin Shrdlu]

From what I've seen, the only products on offer in Thailand are whole life policies that have a multi-year pay-in period that stops at age 60 when benefits can be taken. Some Thai insurers require a policyholder to have a work permit in order to buy a whole life policy, but this is not always the case. You might want to contact an insurance broker to see what is available.

 

You would probably have better options available from US annuity providers. There can also be US tax compliance issues with foreign whole life policies and other non-US financial products.

[cmarshall]

I am not sure that US insurance companies would sell a life annuity to an expat.

[Jeffr2]

Annuities tend to not be the best investments.

[peterpop]

I tried to do this over the last year and failed.  There is no equivalent product available from Thai institutions.  In UK they would not because of stupid legalities about my wife's nationality.

As stated above it is a poor investment anyway.

My answer has been to arange in my will that a Trust Fund is opened on my death and that fund is used to secure an income for my wife.  It was expensive to arrange, but I am happy with the outcome.  The success of the investment will be determined by your choice of investment funds or your wealth manager [who are all thieves].

Because of the delay in getting a Trust Fund up and running, I advise you have some cash available here to keep her going.

Whoops sorry I may have answered a different question.  If the income is for you, and you are an American,I have no idea how best to proceed.

Edited June 18, 2021 by peterpop

[Surelynot]

1 hour ago, Jeffr2 said:

Annuities tend to not be the best investments.

OMG....with you there............ absolute con........would not touch one with a barge pole.

[scorecard]

Tokyo Marine Life have a variety of products which might be interesting.

 

Most of their products originate from the big Japan market and I wouldn't automatically see that as negative. In Japan and other countries thy have the highest possible ratings from the gov't agencies which continuously monitor credibility, trust, products, financial stability etc.

 

They have a big office on Sathorn Rd in Bkk and some regional offices, a big one in Chiang Mai. Plenty of staff who speak good English.

 

I took a long-term pension plan for my Thai son. It's structured differently to anything I'd ever seem before but I was impressed and (with very little in the way of options and very poor attitudes from other vendors) we took the plan.

 

Our experience with the Tokyo Marine in their CM office was quite good, good English, always clear explanations, we had several meetings, never any sense of hurry up and sign or similar.

 

They also have: health, car, house & contents plan and maybe more. (With house and contents they offer sizeable discounts if premiums are paid 3 or 5 years at a time) (with health they tell you in advance there's a small list of hospitals they don't cover, and won't accept claim from - all the hospitals with outrageous pricing).

 

Maybe worth a look. 

Edited June 18, 2021 by scorecard

[stubuzz]

1 hour ago, scorecard said:

Tokyo Marine Life have a variety of products which might be interesting.

These?

https://www.tokiomarine.com/th/en-life/personal/save/for-your-retirement.html