Term life insurance is a risk insurance that provides immediate and full coverage for the funds needed for cryopreservation (standby, procedure, transport, storage, etc.). The insurance company will evaluate your risk based on a questionnaire of your medical history, and propose a monthly coverage fee according to that evaluation. After the contract has been finalized, the insurance company cannot ever increase your monthly fee based on medical conditions you develop in the future.

Term life insurance always has an end date, after which time another funding method would need to be provided. You can think of it similarly to a car insurance. You pay for car insurance so that if an accident happens while you're insured, the insurance company will payout a large sum to cover your costs. However, if you do not get into an accident while insured, the insurance does not pay you anything.

Most people are not able or willing to directly pay the full 200.000€ needed for standby and storage when they first sign up for cryopreservation. Term life insurance provides decades of coverage at a very affordable price, giving members peace of mind that they will be covered in the event of an unexpected death and giving them time to gather the standby and storage funds in case they live past the end of their term life insurance coverage. Term life insurance also has the advantage that it covers you immediately after the contract has been finalized. Many other insurance methods require you to pay in for years or even decades before they would payout the full standby and storage funds.

Most of our members will live past the end of their term life insurance, so they will need to provide a funding method that can take over once the term ends. Here are some of the options:
‍1) Extend the term life insurance: Term life insurance can be extended until the age of 85. Of course this would make the monthly fee more expensive. Additionally, the insurance would reevaluate your health before extending the coverage. If you have major medical problems the insurance can deny the extension.
‍2) Fund the standby and storage directly: Most people have accumulated significantly more wealth by the time they are 60-70 as opposed to 30-40. This means that when your term life insurance coverage ends, you should be in a much better position to fund your cryopreservation plan directly than you were when you first signed up for the plan. Additionally, we are actively working towards decreasing the costs of cryopreservation. It is likely that paying for a cryopreservation plan directly will be significantly cheaper when you age out of term life insurance than it is now.
‍3) Whole life insurance or other savings plan: Read more about this option below.For more information we recommend scheduling a consultation with our team.

Whole life insurance is essentially just a savings plan with an insurance company, with a modest interest rate on your contribution. Whole life insurance does not require any medical evaluation and it does not have an end date. However, unlike term life insurance it does not provide immediate coverage for the full funds needed for standby and storage. This is why it's usually recommend to set up a term life insurance first in order to get decades of immediate and inexpensive coverage, and then to start investing into whole life insurance around 20 years before the end of your term life insurance coverage. This way you are guaranteed to be fully covered from the day you sign up until your legal death. If you are not satisfied with the interest rates on whole life insurance, you are also welcome to set up your own savings and investment plan that would take over after the end of your term. As a member of Tomorrow Biostasis you would receive guidance on how and when to set these funding methods.