Yeah of course! I’ll go into all of this more in my three posts on getting life insurance for cryonics, but in brief:
I received the same warnings about IUL, but it looks to me like it’s not actually all that risky, and the small amount of risk seemed worth it given that IUL premiums are substantially lower than those for whole life (depending on who was giving me quotes I saw whole life premiums twice as high as IUL). I say whole life because I’m told that whole life and GUL are essentially the same, and I’m going through Kansas City Life, which offers whole life but not GUL. And, I’m using KCL because it’s super cryonics-friendly and offers the cheapest rates for someone in my circumstances; if I were in a different actuarial class I might consider getting GUL via Nationwide.
As for VUL, my impression is that it’s very much an investment vehicle and involves stock picking, so I didn’t even bother looking into it for cryonics.
All that said, I haven’t actually had a policy underwritten yet and am still scheduled for more conversations with my insurance agent, where we’ll talk further about whole life vs IUL. That’s one of the things subject to change, but hopefully I’ll have more clarity on it by this time tomorrow :)
Also for what it’s worth my policy officially describes itself as: “Flexible Premium Adjustable Death Benefit Life Policy, Nonparticipating”. This is from KCL, and apparently this is just insurance legalese for GUL, although maybe IUL would be described the same way and the difference is in the details of how the interest rates are calculated?
I seem to recall we went with this because it has the nice feature, like a IUL does, of being able to pay its own premiums if it performs well enough, and for the ability to take out low interest loans against it, although I think that’s a dangerous idea for insurance meant to fund cryonics.
Ah, I have figured out (part of) the mystery! In the time since you signed up, KCL has stopped offering the policy you bought (to new people) because it was too good a deal at current interest rates. Something like that. So in the absence of that IUL is the best option.
Oh wow, interesting. Yeah I get a guaranteed 3% return, so clearly they must be getting less than that now. I’m guessing in a product like I have it can only be backed by certain classes of investments that are not yielding enough return to sustain it right now.
Yeah of course! I’ll go into all of this more in my three posts on getting life insurance for cryonics, but in brief:
I received the same warnings about IUL, but it looks to me like it’s not actually all that risky, and the small amount of risk seemed worth it given that IUL premiums are substantially lower than those for whole life (depending on who was giving me quotes I saw whole life premiums twice as high as IUL). I say whole life because I’m told that whole life and GUL are essentially the same, and I’m going through Kansas City Life, which offers whole life but not GUL. And, I’m using KCL because it’s super cryonics-friendly and offers the cheapest rates for someone in my circumstances; if I were in a different actuarial class I might consider getting GUL via Nationwide.
As for VUL, my impression is that it’s very much an investment vehicle and involves stock picking, so I didn’t even bother looking into it for cryonics.
All that said, I haven’t actually had a policy underwritten yet and am still scheduled for more conversations with my insurance agent, where we’ll talk further about whole life vs IUL. That’s one of the things subject to change, but hopefully I’ll have more clarity on it by this time tomorrow :)
Interesting.
Also for what it’s worth my policy officially describes itself as: “Flexible Premium Adjustable Death Benefit Life Policy, Nonparticipating”. This is from KCL, and apparently this is just insurance legalese for GUL, although maybe IUL would be described the same way and the difference is in the details of how the interest rates are calculated?
I seem to recall we went with this because it has the nice feature, like a IUL does, of being able to pay its own premiums if it performs well enough, and for the ability to take out low interest loans against it, although I think that’s a dangerous idea for insurance meant to fund cryonics.
Ah, I have figured out (part of) the mystery! In the time since you signed up, KCL has stopped offering the policy you bought (to new people) because it was too good a deal at current interest rates. Something like that. So in the absence of that IUL is the best option.
Oh wow, interesting. Yeah I get a guaranteed 3% return, so clearly they must be getting less than that now. I’m guessing in a product like I have it can only be backed by certain classes of investments that are not yielding enough return to sustain it right now.