dlm Posted November 6, 2008 Share Posted November 6, 2008 Hello, Am in the process of buying a house with my wife (who is Thai). The house will be purchased in her name and the mortgage will be in her name (I will be the guarenteer). Is there any equivalent of what would normally be termed 'mortgage insurance' - basically if I die/suffer an accident and become disabled/am made redudant, the house payments would be picked up by the insurance company. K-Bank have quoted me 400,000 for 10 years coverage, payable as a lump sum up front (beacuse I am a farang) and AIG said they have no product. Any advice on any insurance companies who specilaise in this type of insurance coverage (I cannot be the first farang in Bangkok to need this) would be highly appreciated. Thanks Link to comment Share on other sites More sharing options...
richm7 Posted November 6, 2008 Share Posted November 6, 2008 Hello,Am in the process of buying a house with my wife (who is Thai). The house will be purchased in her name and the mortgage will be in her name (I will be the guarenteer). Is there any equivalent of what would normally be termed 'mortgage insurance' - basically if I die/suffer an accident and become disabled/am made redudant, the house payments would be picked up by the insurance company. K-Bank have quoted me 400,000 for 10 years coverage, payable as a lump sum up front (beacuse I am a farang) and AIG said they have no product. Any advice on any insurance companies who specilaise in this type of insurance coverage (I cannot be the first farang in Bangkok to need this) would be highly appreciated. Thanks I looked into insurance here a few years back just after I arrived, and a friend of the wife is an agent too and I can tell you that any insurance in Thailand related to you croaking or becoming disabled is (in my opinion) prohibitively expensive. I have a term policy from the US which is still active (20 years, level) and it costs me $227 a month for $1m of coverage, and I was no spring chicken when I took it out, either. When I show that policy to the Thais their eyes nearly pop out. As far as I can tell, a policy here is only worthwhile if you plan on dying in the first couple of years. After that you're better off investing the premium. Of course, you have to remember that there is a huge difference in actuarial tables between Thailand and western countries. Life is cheap here, unless you want to insure it! If someone is able to contradict me I'm ready to listen. Anyone out there found a good deal? Link to comment Share on other sites More sharing options...
alvin2008 Posted November 11, 2008 Share Posted November 11, 2008 Hello,Am in the process of buying a house with my wife (who is Thai). The house will be purchased in her name and the mortgage will be in her name (I will be the guarenteer). Is there any equivalent of what would normally be termed 'mortgage insurance' - basically if I die/suffer an accident and become disabled/am made redudant, the house payments would be picked up by the insurance company. K-Bank have quoted me 400,000 for 10 years coverage, payable as a lump sum up front (beacuse I am a farang) and AIG said they have no product. Any advice on any insurance companies who specilaise in this type of insurance coverage (I cannot be the first farang in Bangkok to need this) would be highly appreciated. Thanks Hi, i got to know there is indeed an mortgage insurance. If you stay in singapore or you wish to have the plan, you can Private messege me. I can recommend my financial planner to you. Link to comment Share on other sites More sharing options...
malcolminthemiddle Posted November 11, 2008 Share Posted November 11, 2008 Surely any Life Insurance Plan will do? Friends Provident International (Isle of Man) 2007 quotes on a joint life policy for a term of 25 years was between a monthly premium of GBP 61.48 for GBP75,000 sum assured and GBP401.38 for GBP500,000 sum assured. Link to comment Share on other sites More sharing options...
torrenova Posted November 11, 2008 Share Posted November 11, 2008 Life assurance in LOS is a joke. Premiums are about 13 times the equivalent UK premiums and thus just pathetically stupid. I have had no answer to many questions to many people to explain just who is pocketing the difference. I guess the ones who remain silent ? Get a policy back in the UK (if from the UK). That would be term life assurance only but you could add on critical illness etc. Accidental death insurance is a joke and almost free. Redundancy insurance is usually only payable for the first year after you become redundant. My guess is that the house is not that expensive and K-Bank are just taking the piss with the figure of 400k. If it is expensive then you have the income to buy insurance in your home country. Link to comment Share on other sites More sharing options...
tvaddict Posted December 10, 2008 Share Posted December 10, 2008 2 years ago i went through the same as you- my thai wife and i bought a house in thailand the moo bahn developer helped us out with setting things up as the architect wanted the sale to go through as much as us- we got a 3m baht house loan over 15 yrs with UOB bank they insisted ( as no doubt all banks) that we take out a life assurance scheme too and house insurance as i am the gaurantor i am insured as well asmy wife it cost us about 70,000 baht for 10 yrs cover if i die they'll pay the instalments very month for 10 yrs about the last 5 years - strangely we're not covered so will have to review later although at that stage it will be less owed and probably all paid off i intend to pay off more than the minimum and so shorten the period anyway, that is over 300,000 baht cheaper than what k bank quoted you so i reckon they're asking too much ofcourse it's linked to risk- the value of the property and your age too!!! i'm in my 30s by the way hope that helps Link to comment Share on other sites More sharing options...
ThaivisaInsurance Posted December 10, 2008 Share Posted December 10, 2008 Hello,Am in the process of buying a house with my wife (who is Thai). The house will be purchased in her name and the mortgage will be in her name (I will be the guarenteer). Is there any equivalent of what would normally be termed 'mortgage insurance' - basically if I die/suffer an accident and become disabled/am made redudant, the house payments would be picked up by the insurance company. K-Bank have quoted me 400,000 for 10 years coverage, payable as a lump sum up front (beacuse I am a farang) and AIG said they have no product. Any advice on any insurance companies who specilaise in this type of insurance coverage (I cannot be the first farang in Bangkok to need this) would be highly appreciated. Thanks Please send Thai Visa Insurance an email with your requirements (including ages) and we will be able to offer you a sensible premium. [email protected] Link to comment Share on other sites More sharing options...
tripplejjj Posted December 19, 2008 Share Posted December 19, 2008 (edited) My wife's sister (Thai) and her husband (Thai) took out a loan of 2m baht from a bank to buy a new home. This was about 5-7 months ago. I mentioned to them briefly that they should consider getting a mortgage insurance (if there is such a thing) just in case. The bank told them that they would only loan them the money if they got a mortgage insurance (1.4m baht) and they did with no hesitation. In November 2008, her husband was struck and killed by a drunk driver as a pedestrian. Edited December 19, 2008 by tripplejjj Link to comment Share on other sites More sharing options...
ThaivisaInsurance Posted January 21, 2009 Share Posted January 21, 2009 Dear Members,I would like to know more about term life insurance, Today i got a Quote from a website. This is my first post that is why i am not putting a clickable link. Can you please give me more information on this regard. I need it urgent. Thanks for your reply. Please send an inquiry toThai Visa Insurance with your requirements (including ages) and we will be able to offer you a sensible premium. Inquire here Link to comment Share on other sites More sharing options...
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