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simon43

Disability (income protection) insurance

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simon43    5,926

There are regular discussions on Thaivisa about the best medical health insurance policy to take out.  But I don't see any discussions about income protection insurance, should one be employed and fall ill or have a serious accident.

 

I'm aged 58 and intend to work until I'm maybe 65 or 67 in the job that I enjoy.  I am able to save the majority of my salary to provide a modest income when I retire.  But these plans would be scuppered if I were to have a long-term illness or accident that would prevent me from earning my salary.

 

What I need is an income protection policy that will pay out a % of my usual salary, (typically 80% I understand), after a wait period of say 6 months.

 

Many companies offer these types of policy.  But as with medical insurance, I think that the conditions and premiums vary from company to company.

 

Does anyone have experience or knowledge of a recommended income protection policy/company?

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canopus1969    4,088

Not stand alone but I know AA Insurance Brokers (sponsors) offer this with as a rider to a medical policy if that helps

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simon43    5,926

An update to my post:

 

I contacted AA brokers, who were unable to help.  The policy that they (and all the other insurance agents promote), is from William Russell.  The cover is great, but I'm too old!  They will only provide income protection insurance if this is taken out before one reaches the grand old age of 55 years.

 

This makes me think - are those in the 55-65 age group such a high risk that insurers won't even offer an income protection policy?

 

I searched and Googled high and low, and couldn't find any company other than WR who offered an income protection policy for expats.

 

Anyone know of a company that offers such a policy as a standalone (ie not as a rider to their medical insurance policy?).

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DGS1244    627

I think you find that no Thai Insurer offers this type of cover especially to foreigners. The few foreign insurance companies that are represented here all have age and location restrictions and the chance of finding one that can is extremely remote.

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Aussieroaming    1,628

I've got disability/income protection with Aetna in Kazakhstan, (they have taken over BUPA Thailand), though mine is a company plan and and all employees have coverage regardless of age. Not sure if this helps but some info.

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simon43    5,926

Thanks - I did find some company plans, but no personal income protection plans.  I remember when I was younger that there were many companies offering this type of plan.

 

I'll keep looking...

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StevieAus    110

I hate to be negative but believe that you will have an uphill if not impossible battle

The problem is that disability/ income protection insurance is for obvious reasons high risk and the older you are more of a risk

I was a Director of an Industry Superannuation ( pension) Fund in Australia and the only way we could achieve it for the membership without many being excluded was to make it an opt out option therefore spreading the risk 

I had tried obtaining such insurance when I was in my mid forties without any health issues and my doctor balked at filling out the paperwork such was the detail required

I really believe that your only option is to try and find some other way of saving money as a form of protection for when you have a problem

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