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Thai Laws






Life Insurance

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Life Insurance in Thailand

There is a basic understanding about life insurance policies that these policies are made for the purpose of securing monetary benefits to the family of the insured in case of his/her death. However, this is not the only benefit. By taking up a life insurance policy in Thailand, you can enjoy several benefits such as wealth transfer, estate planning, estate tax liquidity, and cash accumulation.

If you are interested in taking out a life insurance plan in Thailand, you can take advantage of good one local and international deals as well. In addition to that, different financial institutions are also creating new life insurance policies in Thailand. However, you have to be very careful while choosing the right policy and the right policy provider. It’s most important to look at the cost of the premiums and the reputation of the insurance company.

What type of life insurance do you require?

Term Life Insurance and Permanent Life Insurance are the two types of life insurance policies available in Thailand. Term life insurance assures benefits for certain limited time period. You can purchase a policy that needs to be renewed every two years, for example. If you want short term coverage, then term life insurance is the right choice for you. In case you want a life insurance policy for your entire life, then you must opt for permanent life insurance. There are other benefits of permanent life insurance in Thailand, such as investment benefits.

Both term life insurance and permanent life insurance are further categorized into various divisions, which are:

Term Life Insurance-

Non-guaranteed Term Life
This policy provides death benefits only and insures coverage for a short period of time. Those who cannot afford the huge expenses of permanent insurance plans can opt for this non-guaranteed term life plan. It is also suitable for those people that need coverage for certain necessities that will fade away after a certain period such as mortgage or loan for car. Here the rates of interest can increase considerably between terms.

Yearly Renewable and Convertible Term
This is a long term life insurance plan in Thailand. The term of such plans can be 5 years, 10 years, or even 20 years. During the prolonged period of time, the interest will be less in comparison to the non-guaranteed term.

Permanent Life Insurance-

Whole Life or Ordinary Life
Here also, the insurance cost is carried out for a long period, which results in leveling the rising insurance cost. In that sense, this policy is quite similar to the renewable and convertible term. The only difference is that this policy covers the whole life, instead of few years.

Universal Life
This is a flexible life insurance policy in Thailand. The death benefit amount can be increased or decreased after the making the initial payment. For increasing the amount, you have to prove to the insurance provider that your health is still good. The premiums can be paid any time after making the initial payment.