Several clients have contacted us recently with the view that they should take temporary Life Insurance, while they save enough money to pay cash for their membership agreement with The Cryonics Institute or Alcor Life Extension Foundation. For some this saving process will literally take years, without any guarantee they will make their required total.
My question to these clients, is why would you do that?
When the cheapest way to pay for most cryonics members is using Whole of Life Assurance! Many think that if there is a Life Assurance Company involved the cost of Cryonics will go up, when in fact for the majority of people this not the case and it will cost significantly less.
Here’s an example of two policies we arranged recently …
Client aged 25, Sum Assured £100,000, monthly premium £30.78
The total Amount Paid in would be £21,053 over 57 years, through to age 82 (UK Average Life Expectancy), Guaranteed to pay out £100,000.
Client aged 45, Sum Assured of £100,000, monthly premium £74.02
The total Amount Paid in would be £32,864 over 37 years, through to age 82 (UK Average Life Expectancy), Guaranteed to pay out £100,000
These examples show a number of interesting points, firstly the earlier you take out insurance the cheaper the overall cost of Cryonics will be. secondly, Whole of Life Assurance vastly reduces the overall cost of cryonics and does not increase the cost as commonly expected by members.
It’s important to note that clients with pre-existing medical conditions may be charged slightly higher amounts for their insurance so all cases should be looked at individually. Their are many issues for consideration when taking Life Insurance for Cryonics, including Trust Documents, Currency Fluctuations and Inflation Costs.
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 Institute www.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