Unusual Risks have been approached many times over the last five years by existing Alcor and Cryonics Institute Members, with concerns about their existing Life Insurance policies. We are the approved Insurance agent in the UK for both organisations and we are always happy to assist existing members to assess their existing Life Insurance policies.
Here’s a guide for existing members with some handy hints and tips to help members avoid future shortfalls.
Paperwork
As existing members of Cryonics Institute or Alcor Life Extension Foundation you will be aware that it is important that all of your paperwork is readily available. You would be surprised how many people approach us and they don’t have their Insurance policy schedules, policy information and trust documents to hand.
Statements
Most Insurance Companies provide their policy holders with an annual statement, which can be very useful to check the current sum assured of your policy. It will also confirm the monthly, or annual premium that you pay and if the policy is index linked to inflation. When was the last time you checked your current Life Insurance Policy?
Inflation
The cost of Cryonics does increase with time and it’s important to review your arrangements to make sure that you still have enough money in your policy to cover all costs involved. Alcor members will find that their costs increase roughly in line with inflation each year and Cryonics Institute members may find that their costs associated with transportation and repatriation also increases in time.
Increasing Cover
If you find that your policy is likely to be short, then it’s advisable to compare a top up to your existing policy, with all the premium rates that are currently available in the market. On several occasions we have found that topping up a “legacy” policy has been more expensive than taking a second policy and we always check the Whole of Market for our clients.
Trust Documents
All Life Insurance for cryonics should be placed into some form of irrevocable, fixed, bare or absolute trust, where the beneficiary cannot be altered. When was the last time that you checked yours to make sure your trustees were still in order and it is up to date in line with your wishes? If you need a Cryonics friendly solicitor to help you with this, we have someone we can refer you to.
Unusual Risks are experts at finding Insurance for Cryonics members and regularly advise people on the effects of inflation, currency fluctuations and trust planning issues which effect members of Alcor and the Cryonics Institute. On many occasions we have met clients who’s policies are unsuitable for Cryonics and would urge people who have doubt about their policy to seek specialist advice.
Unusual Risks are the UK’s leading financial advisers offering specialist advice on Life Insurance for the purpose of funding Cryonics.
For more information on Cryonics and Insurance in the UK you can contact Unusual Risks by phone on 0845 474 3075. Email at Enquiries@unusualrisks.co.uk or visit us online 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 Institutewww.cryonics.org
People in the United Kingdom wanting to know more about the subject of Cryonics should contact Cryonics UK at www.cryonics-uk.org