Are you interested in life insurance for the purpose of funding cryonics suspension? (given that you have no dependents, I can’t imagine any other reasonable purpose).
Then the reasonable thing to do, I suppose is to ask for advice from:
At least that’s what I’m going to do. As I don’t have any experience to share, I can share my questions regarding the financial and organizational side of things, that bother me:
How can I make sure that insurance contract will go uninterrupted? As I understand, it is in insurance company’s best interest to collect insurance premium(contribution) for those years while I’m still healthy and unlikely to die and make it so that the contract is not renewed afterwards.
How can insurance scheme possibly work? With the figures you quote your income over 38 years will be 9880€; if invested with 3% rate (per nick012000′s calculations) it becomes 20192€; practically the same amount that they will have to pay to you. The insurance company hardly breaks even in the best case, but on average—taking into account that some clients die or get crippled prematurely—and that it has its operational costs—it is at a loss.
I advise to talk to specialists.
Are you interested in life insurance for the purpose of funding cryonics suspension? (given that you have no dependents, I can’t imagine any other reasonable purpose).
Then the reasonable thing to do, I suppose is to ask for advice from:
Cryonics organizations of the world. They are exactly three: Alcor (http://en.wikipedia.org/wiki/Alcor_Life_Extension_Foundation), Cryonics Institute (http://en.wikipedia.org/wiki/Cryonics_Institute) and KrioRus (http://en.wikipedia.org/wiki/KrioRus)
Insurance agents that specialize on insurance for cryonics. I know of only Rudi Hoffman (http://www.rudihoffman.com/cryonics.html).
At least that’s what I’m going to do. As I don’t have any experience to share, I can share my questions regarding the financial and organizational side of things, that bother me:
How can I make sure that insurance contract will go uninterrupted? As I understand, it is in insurance company’s best interest to collect insurance premium(contribution) for those years while I’m still healthy and unlikely to die and make it so that the contract is not renewed afterwards.
How can insurance scheme possibly work? With the figures you quote your income over 38 years will be 9880€; if invested with 3% rate (per nick012000′s calculations) it becomes 20192€; practically the same amount that they will have to pay to you. The insurance company hardly breaks even in the best case, but on average—taking into account that some clients die or get crippled prematurely—and that it has its operational costs—it is at a loss.
How can it be? It can’t! My hypotheses are:
a) Insurance companies (http://www.google.com/search?q=%22i+didn%27t+get+rich+by+writing+a+lot+of+checks%22) don’t get rich by writing a lot of checks. Their business model is founded on not fulfilling their contracts somehow; by the way of my point 1, or others.
b) I don’t understand the working of insurance on a basic level.