There have been quite a number of people that have been making decisions about their Cryonics through this period of pandemic and lockdown. They seem to have had more time to think about their arrangements for Cryonics and have been finalising outstanding arrangements.
Whether this has been reviewing their existing policies or putting in place news ones – there have been a number of topical questions that have been emerging, which I’ve been compiling.
Topical Key Questions ….
When would be a good time to review my cover?
Many people have been reviewing the levels of cover that they have already within their whole of life policies and considering whether or not their “Index Linked” amount of cover is enough.
One of the key issues has been making sure your policy premium is both affordable and sustainable for both now and the future.
How do I know if I do not have enough cover in place?
It is important to check if your policy has enough cover in place to cover your membership agreement. Remember sometimes the amounts needed can change or increase, so its worth checking that your cover is still sufficient to meet your needs.
How do I know if I have excessive cover in place?
If you have more cover than you need you can either reduce your sum assured to reduce your premium, or leave the excess cover in place and make an arrangement with your Cryonics service provider to return excess funds to your estate.
Should I be buffering and taking additional Cover?
Having a “Buffer” sufficient to cover currency fluctuations and unforeseen circumstances has always been a good idea and now, in these uncertain times, it is especially the case.
If you are relying on the bare minimum in your policy, it may be time to review and make provision for some kind of “Buffer” in your policy.
I’ve been meaning to get my Trust Documents completed.
Many or our pending client trust documents have been coming back through the lockdown period. Some people may have had more time to do this, or they have had relatives with more time to sign the documents.
The Current recommendation for the number of trustees is three, with one from your service provider (Cryonics Institute and Alcor Life Extension Foundation) and others from your close family and friends.
About Unusual Risks
Chris Morgan and Unusual Risks have been helping the UK Cryonics community for the last ten 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.
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 should contact Cryonics UK at www.cryonics-uk.org