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07

Average cryonics insurance cover more than £100,000 

Open-access content Wednesday 22nd July 2015 — updated 4.07pm, Thursday 30th April 2020

The average amount of insurance cover taken out for the purposes of cryonics is £109,461, according to insurer Unusual Risks.

Unusual Risks specialises in insurance for people with pre-existing medical conditions and those wishing to preserve their bodies after death in the hope of being revived in the future.

The firm carried out a survey of 50 people, who were either members of Cryonics UK, existing clients of Unusual Risks or visitors to an online survey, and found the lowest amount of cryonics life assurance cover was £60,000 and the highest £270,000.

The firm said the wide difference in the amount assured reflected a variety of options available in the cryonic community. It said this was due to a policyholder's individual attitude towards any possible price increase in the future. 

Following a previous survey the firm said 90% of cryonics members were funding or intending to fund their agreements using insurance and 10% intended to use cash or other forms of investment. 

Chris Morgan, lead financial adviser of Unusual Risks, said: "The purpose of this particular cryonics and insurance survey was to assess the amounts of life assurance that people are taking out to fund their cryonics agreement. 

"There is a great amount of discussion within the cryonics community as to the most appropriate amounts of insurance to have in place for cryonics.

"We realise that the amounts of insurance that people take is an individual decision that needs to take into account issues such as currency fluctuations and future price increases in line with inflation."

This article appeared in our July 2015 issue of The Actuary.
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