If I get 40 year term insurance now but live to 78, I’ll then be uninsured and unable to afford more insurance, so I won’t be covered when I most need it.
The general idea of term insurance is to ensure that your heirs get something if you die during the n years it takes you to build them an inheritance. The cryonics equivalent of this idea is that you don’t need whole life insurance if you expect over the term of the insurance to save enough money to pay for cryonics out of pocket.
The general idea of term insurance is to ensure that your heirs get something if you die during the n years it takes you to build them an inheritance.
I think the idea is to ensure an income during the term of childhood; when the term ends, one expects that they are capable of supporting themselves. If it were about inheritance, then it would be comparable to cryonics, but I don’t think it is.
From Wikipedia: “Many financial advisors or other experts commonly recommend term life insurance as a means to cover potential expenses until such time that there are sufficient funds available from savings to protect those whom the insurance coverage was intended to protect.” That’s the idea I meant to convey; the above phrasing nicely covers both the “inheritance” and “funding cryonics” cases.
I suspect you are under-estimating your future earnings ability, unless you plan on going into something that pays poorly, like trying to solve existential risk.
I’m still not sure what to get. I hear that whole life is significantly more expensive than term, so the savings from term could be put aside to later pay for the higher premiums? Hmm, but maybe whole life makes more sense. Or since I’m 27, maybe I could get a 10 year term and then switch to whole life.
I hear that whole life is significantly more expensive than term, so the savings from term could be put aside to later pay for the higher premiums?
Yes. In fact, that’s exactly what the insurance company does with your premiums when you buy whole life. Except they take a bunch out for themselves. There’s no good reason to buy whole life when you just could buy term and invest the difference until you have enough saved to pay for the cryofund. Except if you don’t think you will be disciplined enough to regularly invest the difference, and even then, you can have money automatically taken from a bank account into your cryonics account.
Albeit that if the money is in your name, those who might otherwise be your heirs will have a motive to try and stop your cryonic preservation to get their hands on the money.
Albeit that if the money is in your name, those who might otherwise be your heirs will have a motive to try and stop your cryonic preservation to get their hands on the money.
True, but you can set up an irrevocable trust to prevent that.
Yes, I found whole life to be 4-5 times more expensive than term.
I’m currently contemplating going for 40 year term and betting that either the world will end before then, or if not that the Singularity will take place, or if not that cryopreservation will be much cheaper by then.
If I get 40 year term insurance now but live to 78, I’ll then be uninsured and unable to afford more insurance, so I won’t be covered when I most need it.
The general idea of term insurance is to ensure that your heirs get something if you die during the n years it takes you to build them an inheritance. The cryonics equivalent of this idea is that you don’t need whole life insurance if you expect over the term of the insurance to save enough money to pay for cryonics out of pocket.
I think the idea is to ensure an income during the term of childhood; when the term ends, one expects that they are capable of supporting themselves. If it were about inheritance, then it would be comparable to cryonics, but I don’t think it is.
From Wikipedia: “Many financial advisors or other experts commonly recommend term life insurance as a means to cover potential expenses until such time that there are sufficient funds available from savings to protect those whom the insurance coverage was intended to protect.” That’s the idea I meant to convey; the above phrasing nicely covers both the “inheritance” and “funding cryonics” cases.
I suspect you are under-estimating your future earnings ability, unless you plan on going into something that pays poorly, like trying to solve existential risk.
I’m still not sure what to get. I hear that whole life is significantly more expensive than term, so the savings from term could be put aside to later pay for the higher premiums? Hmm, but maybe whole life makes more sense. Or since I’m 27, maybe I could get a 10 year term and then switch to whole life.
Yes. In fact, that’s exactly what the insurance company does with your premiums when you buy whole life. Except they take a bunch out for themselves. There’s no good reason to buy whole life when you just could buy term and invest the difference until you have enough saved to pay for the cryofund. Except if you don’t think you will be disciplined enough to regularly invest the difference, and even then, you can have money automatically taken from a bank account into your cryonics account.
Albeit that if the money is in your name, those who might otherwise be your heirs will have a motive to try and stop your cryonic preservation to get their hands on the money.
It’s happened.
True, but you can set up an irrevocable trust to prevent that.
It’s a lot easier to just buy a life insurance policy.
Yes, I found whole life to be 4-5 times more expensive than term.
I’m currently contemplating going for 40 year term and betting that either the world will end before then, or if not that the Singularity will take place, or if not that cryopreservation will be much cheaper by then.
Is there an actuary in the house?