The subject of Cryonics has been very popular in this last few months in terms of interest from new members and requests for advice and information …
These are a few of the questions that typically occur in the early stages of our conversations with potential new Cryonics members. Some of these questions are ones that occur regularly and also there are a few new ones, which makes life very interesting.
Which is the best type of Life Insurance for Cryonics?
Most definitely Whole of Life Assurance is the best type if Life Insurance for funding Cryonics, as the policy will run until it is needed. In a very small number of cases Term Assurance could also be suitable, but only generally where someone already has assets and capital in the background to pay for Cryonics later in life.
What is the minimum age that someone in the UK can take Whole of Life Insurance for Cryonics?
For many years the minimum age was 18 years for taking out Life Insurance in the UK. However, recently a company introduced a minimum age of 16, which means that some parents have been able to cover their children before the age of 18.
What is the best Type of Trust document for Cryonics?
Both Alcor Life Extension Foundation and The Cryonics Institute require that your Life Insurance policy be placed into an “Absolute Trust”, this means that they would become the sole beneficiary of the policy. As the name would suggest the original document cannot be altered.
What would be your recommended Number of Trustees for an absolute trust?
There are a number of different opinions on the appointment of trustees, but the starting point is that you should appoint at least two separate ones. We normally suggest appointing more in case something happens to any of your trustees, or in case you lose contact with any of them.
We have one client who appointed four at the start of their policy, which was a good move, as they now have only three in place due to a bereavement. It is possible to add trustees, but we recommend that you start with more than the minimum number to avoid complications later on with any payment of benefits from your policy.
What questions we will be covering in the coming blog features?
These are some of the most recent and frequent questions – in the coming issues we will be answering more questions about inflation linking and currency fluctuations. If you have questions or need advice about cryonics and Life Insurance you are welcome to contact us at the details below.
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