LIFE INSURANCE: UK OK

To prospective members of CI in the UK:

Our attorneys, in consultation with UK solicitors experienced in insurance law, have completed our review of the possible risks in accepting UK life assurance (life insurance) policies as funding for a CI contract. We are glad to say that we are prepared to continue to accept UK insurance as adequate proof of payment.

I won't go into all the details, but the gist is as follows. In the UK, as in the US, a beneficiary must have an "insurable interest" in the life of the insured. If the beneficiary is a corporation, the generally recognized types of insurable interest include the case where the insured owes a debt to the beneficiary, or the case where the insured is an important employee of the beneficiary.

In our case, there is only a "contingent debt," since the debt is not actually incurred under our contract until death of the insured. The contingency is only one of time, not of uncertainty, but whenever there is any vagueness in the law there is always a chance that a court might rule based on political or ideological considerations, and a judge hostile to cryonics might rule based on that hostility. Under the UK law (two centuries old, and intended to discourage gambling or fraud), the insurable interest requirement is broader than in the US.

Incidentally, we understand that relatives cannot challenge under the statute nor benefit from nonpayment to CI; and if the company pays, no one can then force a return of the payment. It is theoretically possible for the company to understand the situation, promise to honor CI's status as beneficiary, and still later refuse to pay by claiming lack of insurable interest.

The bottom line is that we believe the risk of nonpayment by the insurance company is small but not negligible. Consideration of this issue convinced us to make a small change in our standard contract, to clarify what we believe to be already set forth therein.

The contract already provides that CI must be satisfied with the funding arrangements, and that the patient or patient's estate is responsible for payment. But our change in language will make this clearer. (The new wording--for members or prospective members who have not yet executed a contract--should be on our web site in the next day or two. Those with contracts already executed do not need to do anything.)

Again, this will apply to the standard contract and all new members, not just in the UK. Thus, if it were to appear that insurers in a particular jurisdiction would not honor the designation of CI as beneficiary, then CI could decide that--in that jurisdiction, UK or elsewhere--life insurance is not acceptable, and notify affected members accordingly. At present, we have no reason to do so.

We will continue to seek out insurance companies and agents who will offer the best and most convenient service.


Addendum June 2001

For those planning to fund CI suspensions through UK life insurance, using a deed of trust to name CI as beneficiary (or as the new beneficiary), we recommend also naming CI as the trustee, to minimize risk.

Robert Ettinger Cryonics Institute

Credit Card Payments

Cryonics Institute is now able to accept credit card payments not only through PayPal but directly from VISA, MASTERCARD and AMERICAN EXPRESS -- on the telephone or by mail.

www.paypal.com
 

CIHQ@aol.com

If you sign up with Paypal (no charge), you can remit money via credit card to anyone registered with Paypal, including Cryonics Institute. Paypal collects a small fee, but CI absorbs that, so it costs you nothing.

PayPal can also be used to send remittances to the Immortalist Society, for subscriptions for The Immortalist, and tax-deductible gifts to the Immortalist Society research fund. Please use account name immsoc@aol.com

Paypal does not give us your credit card number, or even the name of your credit card company, for enhanced security. It is available any time, any day, with quick confirmation. This should be a convenience for some of our members and prospective members, especially outside the U.S.

If you are considering a donation to the James Swayze Fund, but have not yet made it, Paypal offers another easy way to handle it. Please don't delay.

If you have questions, please send them to our coordinator for member relations and public relations, Andy Zawacki, at

CIHQ@aol.com

Robert Ettinger
Cryonics Institute
Immortalist Society
http://www.cryonics.org

Alcor Membership for Europeans

This is the up to date situation: Please click here for details of the previous events that lead up to this.

Alcor does accept UK life insurance.

Many of you are aware that a previous president of Alcor had some difficulties with non US insurance. Hence signing up required a US insurance policy, which meant going over to the USA at least once. Many people found this unsatisfactory.

Jerry Lemler MD, when he became president of Alcor, made an announcement which he asked to be passed on to past members of Alcor, and indeed, anyone interested. He started:

Jerry expressed great regrets at the situation that arose under the previous administration and goes on to say:

Alcor is now accepting insurance policies from outside the USA, including British ones. To overcome legal difficulties the policies will be run past lawyers, which should neither be awkward nor expensive and will get easier with experience, but anyway, as Jerry says:

Jerry said :

Letter from Rudi Hoffman, CFP CLU

I want to point out some important issues regarding obtaining your cryonics insurance policy.

I am licensed to do business in about 27 states of the US. And, because ALCOR is the owner of the policies, for an ALCOR policy I can write you irrespective of what state you are in.

However, if you are NOT a US citizen and/or do not live in the US, different rules apply.

We can still write the policy, with some important and nonnegotiable provisos. Here they are:

1. You must provide your blood and urine in the US. (exception for Canada, where we can use local nurses.)

2. Policy must be for at least $200,000 of a PERMENENT universal life. This will be with A++ rated Jefferson Pilot. Ultra solid carrier with good, but not great rates. But they have put in writing that they have NO problem with cryonics organizations.

3. Policy must be paid annually, from a US bank or with a bank check.

4. You must be smart, easy to work with, pleasant, and highly motivated for me to work with you. And have access to a good internet connection and printer. Because of the multiple challenges that come up when underwriting any policy, we both know going in that getting your coverage and working out logistics is a hassle. But it IS doable. But if you cannot do above, please try to find an insurance vendor local to you instead.

Sorry if this sounds less than gracious. But I truly want you to know what you should know up front.

Yours for Centuries,

Rudi Hoffman CFP CLU
rudihoffma@aol.com

Alcor UK has a web site here: http://www.alcor.org/AlcorUK.html

For details about signing up with Alcor email: Jennifer@alcor.org
If you would like to receive further updates about the Alcor UK situation in general email: sue.hopkins1@virgin.net