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Why Fund Your Suspension with Life Insurance?
by Rudi Hoffman, CFP®
This question in some form comes up often in discussions with people with an interest in cryopreservation. The good news is that there are answers that are mathematically valid, (i.e. not merely opinions) and that make sense to most people.
The purpose of this article is to answer this question in a clear, concise, understandable manner. Additionally, we will see that there is an empirical way of determining the optimum funding that will appeal to most rationally minded cryonicists.
Let’s personalize this with a discussion of a hypothetical individual “Jack” who is a 45 year old software developer.
“Okay, Jack, so you want to be cryogenically frozen with the possibility of future reanimation. You have thought about it for some time, but you are of a skeptical and questioning nature, and you have a consituency in the form of a wife and family who are not at all sure if you have not gone off the deep end and do not share your enthusiasm for the possibilities of technology”.
“You want to create $150,000 to fund the costs of standby, transportation, and cryonic suspension with a cryonics organization. You are excited because your mutual funds have been growing well, your career is taking off, and you expect to be seriously wealthy in the future. You want to do the best thing to assure your funding. You have negotiated with your wife, and you and she have decided that you can spend $1200 dollars per year towards cryonics funding.”
Here is the key question. Is is better for Jack to spend his 100 dollars per month in a mutual fund, or a life insurance policy, to fund his suspension?
Here are the facts. Jack, a healthy nonsmoker, can create an INSTANT $150,000 to fund his suspension in a permanent Universal Life policy. Once he pays 100 bucks and qualifies, there is an IMMEDIATE and SURE payment to his cryonics organization to assure his suspension. The money does not go the cryonics organization at the expense of the survivors. This $150,000 does not have to come out of the estate Jack is leaving for his wife Mary and the children. Nor do they have the opportunity of second guessing Jack’s choice and delaying or litigating Jack’s wishes.
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