Which is the best type of Life Insurance for Cryonics?
Over the last four years Unusual Risks have arranged many Life Assurance plans for the purpose of funding Cryonics. Once we’ve established the correct amount of Insurance that someone should have, the next question we are asked is normally related to the correct type of Insurance that someone should take out.
We thought it would be useful to describe some of the types of Life Insurance that are available in the United Kingdom and the ways in which they have been used by current members of Alcor Life Extension Foundation and The Cryonics Institute to fund their Cryopreservation agreements.
Whole of Life Assurance
This type of Life Insurance runs from inception of policy, right through until the point where there is a claim. This means the policy can be designed to meet all the required expenses of a Cryonics Suspension agreement. As the name “Whole of Life” Assurance would suggest it will run until the point in time where it is finally needed.
Many existing Cryonics members have already used Whole of Life Assurance as their their method of meeting their Cryonics expenses at death. As with all Insurance policies written for the purpose of Cryonics it is essential that the policy is either written into an Absolute Trust document or an irrevocable Trust deed.
Level Term Assurance
This type of Life Insurance runs from inception of the policy, through until the end of the fixed term set at outset. This means that the policy is normally used as a temporary form of meeting the expenses of Cryonics Suspension. As the name “Level Term” Assurance would suggest it provides a fixed amount of insurance will run for a set period of time.
Cryonics members have used Level Term Assurance as a temporary form of Insurance in the past, however it is normally used when there is certainty that there will be enough cash assets to pay for Cryonics in the future by some other means. Once again it is essential that the policy is either written into an Absolute Trust document or an irrevocable Trust deed.
Decreasing Term Assurance
This type of Life Insurance also runs from inception of the policy, through until the end of the fixed term set at outset. As the name “Decreasing Term” Assurance would suggest it provides a decreasing amount of insurance that reduces over a set period of time. It is NOT recommended that people use Decreasing Term Assurance for the purpose of funding Cryonics!
We have met a few Cryonics members that have used Decreasing Term Assurance as a temporary form of Insurance in the past and were totally unaware that they had been sold Decreasing Term Assurance. Decreasing Term Assurance is designed for insuring Mortgages and Loans and therefore is unsuitable for funding Cryonics.
Unusual Risks are experts at helping people find the correct Insurance policy for the purpose of finding Cryonics. They are approved Insurance agents in the United Kingdom for both Alcor Life Extension Foundation and The Cryonics Institute.
If you require more information on Cryonics and Insurance in the UK you can contact Unusual Risks Mortgage & Insurance Services on 0845 474 3075, or email at Enquiries@unusualrisks.co.uk
Or visit us on the web at www.cryonicsinsurance.co.uk for free factsheets and research notes.
For information about Cryonics Institute visit www.cryonics.org and Alcor Life Extension Foundation www.alcor.org
People in the United Kingdom wanting to know more about Cryonics can contact Cryonics UK at www.cryonics-uk.org
Cryonics UK have just released their useful guide for the Cryonics Community. “Ten Things To Do Before You Die” which can be read at the following link. www.cryonics-uk.org/news.html