Life Insurance in Japan

[Big Booger]

I was wondering about life insurance. Dealing with my mother's death made me seriously re-evaluate my own plans.

I don't have life insurance at the moment. I figured I didn't need it for a few years.. now I know better.

I want to get a good policy that will pay out enough money to support my family should i die.

Anyone know any gaijin friendly companies that I could deal with in Japan? If not Japan, any will do as long as they pay out and are a dependable company.

Thanks.

[FG Lurker]

I am sorry to hear about the death of your mother. My condolences.

About life insurance, many companies have some sort of agreement with one particular provider. You don't have to use the provider your company works with, but it will make things smoother if you do (automatic payroll deduction etc).

I use Nihon Seimei and have been happy with the rates and coverage. Good service too, but that will vary from rep to rep I think.

The insurance business has become somewhat deregulated in Japan, and now various overseas companies are providing coverage. I checked into them but ended up going with Nihon Seimei anyway. The prices were pretty close and I felt safer with the large Japanese company. Maybe that is misguided...

[Taro Toporific]

I don't have life insurance at the moment.

Taxwise and ease-of-use-wise, I thought the Japanese Post Office Life Insurance Plan is the best. Just like post banking vs commerial banking, the Japan Post always has the lowest fees and I assume the most liberal payouts. But hey, I'm just blowing smoke out my ass about this and I've haven't investigated this since I don't any need for life insurance.

[FG Lurker]

Taxwise and ease-of-use-wise, I thought the Japanese Post Office Life Insurance Plan is the best. Just like post banking vs commerial banking, the Japan Post always has the lowest fees and I assume the most liberal payouts. But hey, I'm just blowing smoke out my ass about this and I've haven't investigated this since I don't any need for life insurance.

No life insurrance Taro? Or the company does it for you?

[Big Booger]

We are looking at AFLAC, Gibraltar, Arico, etc...

I might have to look into the post office life insurance.. not a bad idea.

[cliffy]

Taxwise and ease-of-use-wise, I thought the Japanese Post Office Life Insurance Plan is the best. Just like post banking vs commerial banking, the Japan Post always has the lowest fees and I assume the most liberal payouts. But hey, I'm just blowing smoke out my ass about this and I've haven't investigated this since I don't any need for life insurance.

No life insurrance Taro? Or the company does it for you?

It's a bit hard to get when you have already been pronounced dead isn't it Taro?

[Taro Toporific]

... I've haven't investigated this since I don't have any need for life insurance.

No life insurrance Taro? Or the company does it for you?

It's a bit hard to get when you have already been pronounced dead isn't it Taro?

BIing-bling BINGO! Give Cliffy the gold star!
The old "Pre-existing Conditions Clause" prevents severely disabled persons from qualifying for normal life insurance ... and besides I have no dependents besides my 1962 Coupe De VILE.

[Mulboyne]

Asahi: Protect the consumer - It's caveat emptor when buying life insurance.
Money matters tend to be complex. Things like foreign-currency deposits and investment trusts are somewhat easy to understand, but when it comes to life insurance, most people would probably admit they don't have a clue which policy is best. This is because most companies sell insurance policies in complex combination packages. For example, for many term life insurance policies worth 30 million yen in death benefits, there are quite a few cases that more than half the premiums paid go straight to administrative fees and profits. How many people know this?...more...

[Mulboyne]

Kyodo: FSA suspends Meiji Yasuda Life
The Financial Services Agency on Friday ordered Meiji Yasuda Life Insurance Co to suspend part of its business for two weeks for illegal sales practices, FSA officials said. The FSA took the action against the insurer as it received many complaints from policyholders over the company's practices in selling insurance products.

[Maths Dude]

I wont get life insurance in case anyone in my family gets any big ideas about cashing in before my time is due. Also I think it 'puts the Mozz' on me. Thats why I dont wanna donate any organs....then God has no extra reason to bump me off!

[Charles]

I wont get life insurance in case anyone in my family gets any big ideas about cashing in before my time is due. Also I think it 'puts the Mozz' on me. Thats why I dont wanna donate any organs....then God has no extra reason to bump me off!

ha.. A while ago, I read an article how California outlawed a type of life insurance called "Dead Peasant Insurance." It's when a company takes out a life insurance policy on key executives, the company is the beneficiary, they are covering themselves in case a key man dies and they have nobody to replace them, causing a huge economic loss. The reason it was outlawed is that it gives the company a huge incentive to work someone to death, or kill them outright.
As I read the article, I felt a rising sense of dread, because I realized I worked at a company in Los Angeles that had a Dead Peasant contract on ME. That explained a LOT of the problems I had at that job.

[Big Booger]

Well I am still looking for life insurance. I'm giving the following a serious look:

http://www.expatplanner.com/

[Mulboyne]

The Financial Services Agency on Friday ordered Meiji Yasuda Life Insurance Co to suspend part of its business for two weeks for illegal sales practices.

Kyodo via Japan Today: Meiji Yasuda reemploys execs who resigned over illegal policy sales
Meiji Yasuda Life Insurance Co said Monday it has reemployed two former board members who resigned at the end of March to take responsibility for the company's illegal policy sales. The reemployment of Shigeru Hirata, a former senior managing director in charge of the firm's insurance money payout division, and Kazutomo Ueyama, a former director in charge of legal affairs, was revealed in a question-and-answer session of the life insurer's press conference to announce its fiscal 2004 earnings results.

[Mulboyne]

Japan Times: Meiji Yasuda's scandals likened to 'Pandora's box'
Two disclosures of payout misdeeds involving Meiji Yasuda Life Insurance Co. in the last six months are casting a dark shadow over an industry plagued with offensives from foreign-affiliated life insurers. The company's illegal withholding of policy payouts is also a serious problem that rocks the very foundation of the life insurance industry, many industry analysts point out. "We have opened up Pandora's box," a Meiji Yasuda executive said with a sigh...more...

[Greji]

[url=http://www.japantimes.com/cgi-bin/getarticle.pl5?nb20050721a1.htm][b]Japan Times: Meiji Yasuda's scandals likened to 'Pandora's box']

"....INSURER ROCKED BY SECRET CLAIMS STANDARDS
Meiji Yasuda's scandals likened to 'Pandora's box'
Two disclosures of payout misdeeds involving Meiji Yasuda Life Insurance Co. in the last six months are casting a dark shadow over an industry plagued with offensives from foreign-affiliated life insurers...."

I must be getting sleepy. I went through that article a couple of times and could not figure out the "offensives by the foreign-affliate life insurers". It only appears in that opening paragragh. Perhaps, I'm too tired to find the connection, or could it be that they might be taking the horrible step of blaming this on the FG's and their companies? They surely wouldn't be linking gaijins with crime!

[Mulboyne]

I must be getting sleepy. I went through that article a couple of times and could not figure out the "offensives by the foreign-affliate life insurers".

The article isn't suggesting foreign companies are at fault. Rather that since they have been winning business from local insurers, this kind of news helps their "business offensives".