What is Cryo preservation, cryonics?
Cryopreservation is the use of very low temperatures to preserve structurally intact living cells and tissues. Unprotected freezing is normally lethal and this chapter seeks to analyze some of the mechanisms involved and to show how cooling can be used to produce stable conditions that preserve life.
This is being used upon death, or right before to “freeze” the body so it can be brought back when science gets better. I know , different but people have a need and life insurance can help with that.
Funding Methods for Cryo-preservation
The following five funding methods are being accepted for new applicants and for supplemental funding for Cyro-preservation. Full pre-funding is required which includes efforts at cryo-preservation (cryonic suspension), long-term care, and recovery .
- Life Insurance
Used by the vast majority of current customers, this is the most typical funding arrangement because it is affordable on a day-to-day basis. The Cryo company is designated as both the beneficiary and owner of the life insurance policy. (revocable if membership terminated) The death benefit must equal or exceed the amount required for cryo-preservation. Periodic premiums are paid to the life insurance company , thus enabling the cost to be spread over an extended period of time. The company makes a claim on the policy only after the legal death of the member. Only highly-rated insurance companies (rated “A-” or better by A.M. Best) should be considered by the applicant.
Types of Life Insurance for Cryo
Types of Life Insurance to consider. There are four types of life insurance: Term Insurance, Whole Life Insurance, Universal Life Insurance, and Index Universal Life.
Index Universal Life is a permanent universal life policy that enables the cash value to grow at higher rates. The interest credited to the cash value each year is determined by the rate of change in one or more major stock market indexes, like the Standard & Poor’s 500 Index. The dollars are not invested directly in the index, but instead the change in the index over a year’s period defines the interest credited to the policy.
There is usually a cap or maximum interest rate, for instance 12%, and floor or minimum interest rate of 0% or 1%. Even if the index is negative or minus for the year, your account does not lose money, but stays level. Because the account has most of the upside when the market index goes up, and does not go down when the market goes down, the long term average growth can be substantial, in the area of 6% or 8% a year.
The cash value can go up in addition to the face amount of the life insurance policy, enabling the total life insurance proceeds to keep up with inflation if the policy is properly funded. Index Universal Policies are slightly higher than traditional Universal Life policies, but have the advantage of accumulating more cash value as well as an increasing death benefit in the later years.
Whole Life Insurance is insurance for the duration of a person’s life (no expiration date) and costs more than Term Insurance. It builds cash or equity over time, which is tax deferred and protected from creditors. In the case of a limited pay whole life or universal life policy, the policy can accumulate enough cash value to become “Paid up.” This means no further premiums are due and the policy will remain in place until the face amount is paid out. In later years of life, when earning power may be lower, this can be helpful, as it keeps the policy in force without making payments.
Universal Life Insurance, also called Adjustable Life, can be thought of as an account in which money grows at current interest rates. Out of this fund, the insurance company deducts the cost of insurance. The cost for a Universal Life policy is typically midway between Term and Whole Life policies. Payments to a Universal Life policy can be increased or decreased within broad limits defined by the policy. It is possible to “Pay up” the policy with a single payment lump sum or pay the policy off over 7 years. Modern Universal Life policies sometimes have an underlying guaranteed rider which enables these policies to have the safety of Whole Life Insurance, along with better cash accumulation and greater flexibility of payments.
Term Insurance offers coverage for a “term” or period of time, such as 10 years or 20 years. During that term, the cost of insurance does not change. Term Insurance is a low-cost option and can often be converted to a Whole or Universal Life policy, which will cost more but will not terminate after a period of time. If using a Term policy, the applicant should ensure that it can be converted or renewed. Otherwise, changes in health status during the term can leave a person uninsurable.
What policy should you use?
I would suggest the least expensive policy, The guaranteed universal life insurance policy. Spread the cost of the policy out over your life time, this is the best option. Other paid up policies would work great too, if you have some up front cash.
300k whole life insurance policy at a young age and when you are in great health can be really inexpensive. Would you spend $50, $100 a month to have the possibility of living forever? See how much yours would cost, here.