“Selecting the Right Life Insurance For Cryonics” – By Chris Morgan
Over the last 14 years, I’ve met literally hundreds of people in the UK interested in taking out Life Insurance to fund their Cryopreservation agreements. One of the key questions that people have is related to the type of Life Insurance they should take out and how this should be structured.
In the coming weeks I plan to share with you important information that is relevant to people who are based in the UK taking out Life Insurance for Cryonics. If you would like any more information you are very welcome to contact my office for an appointment to discuss your circumstances in detail.
Term Life Insurance v Whole of Life Assurance
Term Life Insurance is a temporary form of life insurance that is normally taken out for a specific purpose such as covering a mortgage liability or family protection. It is commonly taken for a fixed term of between 10 and 30 years at which point it ends – in my opinion this type of Life Insurance is unsuitable as a funding method for Cryonics as it has only a limited term.
Whole of Life Insurance is a form of Life Insurance that will run until the benefits are required and is normally taken out for a purpose such as Inheritance tax, funeral planning or paying for Cryonics. Whole of life insurance in the UK is definitely the most appropriate funding method for Cryonics, as it is guaranteed to pay out when needed.
Those taking out Whole of Life Insurance for the purpose of funding their Cryonics may be able to reduce their overall cost of buying Cryonics by up to 50%. This is particularly the case for those who may not have any pre-existing medical conditions and those taking out cover earlier in the lives. Premiums are based upon age next birthday, so it is better to take out cover earlier rather than later.
Investment Backed v Non Investment Backed
One regular question I’m currently being asked is in regards to “Investment Backed” or “Savings Plan” Whole of Life Insurance, which is being featured on some European Cryonics websites and whether the information contained there is relevant to UK residents.
Investment Backed / Savings plan Whole of Life Insurance is not available in the UK and was withdrawn from the UK market as an unsuitable product here in the 1990’s. There are simply much better alternatives available here in the UK for UK residents to fund their Cryonics agreements.
Whole of Life Insurance in UK is “non investment backed” and is not a saving or investment backed contract – this has been the case for many years. Also to be clear UK Whole of Life Insurance has a guaranteed sum assured from inception of the plan and this is also guaranteed when any claim is made.
Please note any advice to delay setting up a whole of life assurance and instead taking a Term Life Insurance is totally incorrect and UK residents should take advice from a qualified financial adviser. Delaying for several years will significantly increase your premiums and the overall costs of buying Cryonics.
Financial Standing & Solvency
We only recommend Life Insurance Companies that have sound financial standing and solvency, who are regulated in the UK. These are all household names that are well known and trusted in the UK.
We also advise that if you are looking to take out Life Insurance for Cryonics in Europe that you check the products you are looking at are regulated in the UK. We are aware there are some being offered to UK citizens that are not based or regulated in the UK and there are much better alternatives.
Take Specialist Independent Advice
Before taking out Life Insurance for Cryonics we advise you to Know All Implications – especially around complicated issues such as currency fluctuations, the effects of inflation and the setting up of trust documents. We have been offering specialist advice on these issues for fourteen years.
About Unusual Risks`
Chris Morgan and Unusual Risks have been helping the UK Cryonics community for the last fourteen years to arrange all types of insurance policies for their needs.
They are experienced at calculating future Cryonics insurance requirements and completing the appropriate trust documentation required by all of the leading Cryonics Service providers.
Also be sure to read Cryonics & Life Insurance – Part 2 – Key Considerations
If you need advice about Cryonics and Insurance then contact us on 0845 474 3075 or by email Enquiries@unusualrisks.co.uk
Visit Unusual Risks on the web at www.cryonicsinsurance.co.uk
Unusual Risks are the approved Insurance agents in the United Kingdom for both Alcor Life Extension Foundation www.alcor.org and The Cryonics Institute www.cryonics.org
If you are in the United Kingdom wanting to know more about the subject of Cryonics you should contact Cryonics UK at www.cryonics-uk.org