X-Message-Number: 24199
From: 
Date: Sun, 6 Jun 2004 09:10:53 EDT
Subject: Re: Life Insurance Proceeds

In a message dated 6/6/2004 5:54:18 AM Eastern Daylight Time, 
 writes:

Am I right or wrong. Under state laws only non-profit organizations can
receive life insurance proceeds from an unrelated person. Would this mean
that if CI or Alcor become for profit organizations they can not receive
life insurance proceeds?

Basie
Hello, Basie and Cryoneters,

Life insurance proceeds can be designated to go to any beneficiary with an 
"Insurable interest."  This bene can be profit or nonprofit, relative or not.  
But insurance companies like to see that the beneficiary would suffer some 
"loss" whether economic or emotional, before allowing a beneficiary.  

Life insurance is common in business situations, and the beneficiary, like a 
bank or lending institution, is often a "for profit" company.  I have written 
these policies myself.  The bank wants to make sure they get paid the million 
dollars they loan a developer if the developer dies.  So they require a 
million dollar life insurance policy policy on the developer, with the bank as 
beneficiary.

It has been challenging explaining to insurance companies the "insurable 

interest" people have in cryonics organizations.  For the last ten years, I have
diligently been explaining to insurance executives that people have a 

"Insurable interest" in their OWN life, and if cryonics can work, the people we 
are 
covering are BETTER than normal risks.  

The carriers I use now have all put in WRITING, on their letterhead, that 

they have no problem with cryonics organizations as owners and/or beneficiaries
on life insurance policies.  Everything is above board, fully disclosed, and 
totally secure from a financial standpoint.

Hope this helps.  Thanks for your interest.

Rudi Hoffman CFP CLU
Certified Financial Planner
Chartered Life Underwriter
ALCOR member since 1994
800-749-3773


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