Within our other businesses, we have found a number of existing clients asking us for “Lifetime Mortgages”, these along with Interest Only and Retirement Mortgages are becoming more popular, as people look for ways of funding beyond retirement age.
The more conventional ways of funding for Cryonics of course are through Whole of Life Assurance and payment in cash up front. The vast majority of Cryonics members that we have met are funding their membership agreements with Alcor Life Extension Foundation or Cryonics Institute via one of these options.
Whole of Life Assurance
This a Life Assurance plan that is designed to make a guaranteed payment on death, which is required by the Cryonics service providers to be written into an absolute trust. Most people take out Life Assurance as it is the cheapest long term solution for paying for Cryonics.
Cash Payment or Investment
There is also a smaller group of people that are in the position to pay for their Cryonics services up front, which means they are secure in the knowledge that everything is taken care of. This option is of course not open to everyone as funds have to be readily available now.
Payment Using Property
We have asked both Cryonics Institute and Alcor Life Extension Foundation about using property as payment recently.
The Cryonics Institute do not currently have anyone who is paying for services using property and have suggested that, funding using cash or life assurance is their preference.
Alcor Life Extension Foundation do have a scheme where property in theory could be used for funding, however, this is only intended as a supplement to their standard methods such as life insurance or prepayment and not for making complete payment.
Lifetime Mortgages
There may be a fair proportion of Cryonics members who have money they would like to use for funding membership already in their residential property and would consider using this route to pay for their services up front.
Lifetime Mortgages allow someone over the age of 55 to release money from their property, without them having any Monthly payments. Effectively this would mean they would be able to pay cash up front for their Cryonics Services, without any monthly outlay.
Retirement Mortgages
Retirement Mortgages are similar to Lifetime Mortgages as they allow people 55 and over to withdraw Equity from their property, although the difference is that this type of mortgage, does have regular monthly interest payments and proof of regular pension income would be required.
Both Lifetime and Retirement Mortgages may be useful in offering an alternative Cryonics funding option for those with Equity in their properties, who may not be eligible for Life Insurance. This also may be useful for people more senior in age who want to secure their affairs by drawing equity and paying cash for their Cryonics services.
Contact us if you would like more information about Lifetime or Retirement Mortgages.
Unusual Risks are the UK’s leading financial advisers offering specialist advice on Life Insurance for the purpose of funding Cryonics. Their brand Unusual Mortgages offers advice on Lifetime and Retirement Mortgages.
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
Those in the United Kingdom wanting to know more about the subject of Cryonics should contact Cryonics UK at www.cryonics-uk.org