Beneficiary Designation for Thailand Life Insurance
Introduction
Life Insurance Beneficiary Designations
One of the most important parts of setting up a life insurance plan in Thailand is choosing who will benefit from the policy. These are individuals (or an individual) who will receive the death benefit of the plan; these recipients of the policy benefits are known as Beneficiaries.
Under Thailand life insurance plans, in order for an individual to be a beneficiary of the policy they must survive the life being insured.
Selection
Choosing a Life Insurance Beneficiary
Normally the policyholder will name their beneficiaries in the policy. This can be in the form of a specific person (“my wife”), or can be a class of people (“my siblings” or “my kids”).
A primary beneficiary is named to receive the plan’s death benefit. If a class of people are named as the primary beneficiary the death benefit is split equally amongst the group.
Additionally, the policyholder may name Contingent beneficiaries to the plan who may receive the death benefits in the event that none of the primary beneficiaries survive the life insurance plan.
Many Thailand life insurance plans will enable the policyholder to change the plan’s beneficiaries whilst the policy is in force. If this is the case then the beneficiary is called a Revocable Beneficiary. However, alternate plans will make the beneficiary irrevocable, meaning that any change in the beneficiary designation must first be approved by the existing beneficiary.
Quotation
Free Life Insurance Quotes and Advice
If you would like to receive additional information about designating beneficiaries on Thailand life insurance plans, or if you would like to receive a free Life Insurance Quotation, please complete the short form at the top of this page.
Thank you for submitting an enquiry!
We have received your enquiry, it may take us 1-2 working days to respond to your enquiry.
In case of urgent assistance please call our office at (+852) 2114 2840 during business hours.
Quotation
Free Life Insurance Quotes and Advice
If you would like to receive additional information about designating beneficiaries on Thailand life insurance plans, or if you would like to receive a free Life Insurance Quotation, please complete this short form.
Thank you for submitting an enquiry!
We have received your enquiry, it may take us 1-2 working days to respond to your enquiry.
In case of urgent assistance please call our office at (+852) 2114 2840 during business hours.
