The following is a template plan for someone interested in cryonics and is in their mid 30s. Please note that it is in some ways generalized so if you wish a more specific plan tailored to your situation, please let me know. Preparing the plan is for free.
TEMPLATE PLAN FOR CLIENT AGED MID 30’s
ACTUAL PLANS TAILORED TO INDIVIDUAL’S SPECIFIC SITUATION
Re: Plan for Cryonics services
Thank you for your interest in the services Cryonics Services Australia Pty Ltd provides. I am pleased to construct a plan for your cryonics needs. I need to provide the caveat that neither I nor Cryonics Services Australia, who I represent, are providing financial, insurance, legal or any other similar services advice or specific products. All these will be provided by licensed qualified specialists. I am coordinating these services for your cryonics needs. Also, the numbers/amounts shown in this letter and its attachments for these services are approximate numbers based on my experience. The actual quotes will be provided by the qualified specialists. Unless otherwise stated the dollars are Australian dollars as applicable in 2015.
In the process Cryonics Services Australia uses, this plan is step 1. Our review of this plan is step 2 and the actual implementation is step 3. There is no fee from Cryonics Services Australia for steps 1 and 2. For step 3 there will be fees from Cryonics Services Australia and some of the service providers. For Cryonics Services Australia, the fee will depend on what services you desire Cryonics Services Australia to coordinate and I can give you an approximate idea of these fees in this document. Also, I can provide approximately what the fee will be for the professional service providers, but the actual will depend on their fee structures. Please feel free to contact me if this is not clear.
The details you have provided me are:
DOB: Age mid thirties
Other information: Good health
To be cryonically suspended by a professional cryonics organization upon your legal death and to have the funds available to do this. To have adequate standby/transportation coverage to enable transportation to the cryonics facility. To put aside an amount of the order of $50,000 (in 2015 $) upon death for a long term trust to provided funds at the time the possible reanimation. You fully understand that there are no guarantees in cryonics and, in particular, eventual revival after suspension is not guaranteed.
You will see in this plan that you can be fully covered for all aspects of a professional cryonics suspension for a cost of about $560 a year ($46 per month or about $1.53 a day), mainly for life insurance. If you do not wish to set it all this up yourself because of all the complications it may involve, and want to use Cryonics Services Australia to professionally set it all up for you, there is an up front fee of $600 plus the same $560 per year.
At your age it is unlikely you will need a suspension for many years so you have several options. I will summarize a few here with my recommendation for the best at this stage of your life.
At this relatively young age the costs are relatively low to enter cryonics. Assuming your health is good, you are readily insurable for a low cost; of the order of a few hundred dollars a year to get a few hundred thousand dollars coverage. I will cover more about this later in the section discussing life insurance.
Currently Alcor and the Cryonics Institute, both in the US, are the only reasonable options for a cryonics organization. Assuming a neuro (head only) for Alcor and a full body suspension for Cryonics Institute, the costs are about $130,000 and $45,000, respectively, payable at the time of your suspension. Both these charges are for suspension and storage only. You basically have to get to the facility door in the US, so you need to add standby (professional preparations at your hospital bed) and transportation (the preparations before and the actual transportation to the cryonics facility). This is covered later in the plan.
At a later stage, when Stasis Systems Australia (the soon to be built Australian cryonics facility, which will be operating under the name Southern Cryonics) is operational, you will have an added option of a suspension in Australia at a cost of about $80,000 (payable at the time of your suspension), again based on the patient getting to the facility door, i.e. you still need standby and transportation, but obviously cheaper because the suspension is in Australia.
All these costs are usually paid for by life insurance which is discussed later in this plan.
Before expanding on these possibilities further, there is a another option with Stasis Systems Australia you may wish to consider. That is to become a Stasis Systems Australia Founding Member now. A Founding Member invests funds of $50,000 before the facility is operational to help with the development of the facility. Yes, this is a large sum of money, which needs to be paid before the facility is running so it is obviously not for everyone. But there are benefits. For the $50,000 you get one free suspension for yourself or anyone of your choice, at any time after the Stasis Systems Australia facility is operating. If the suspension is for someone else, this cost of $50,000 compares very favourably with the full client cost of about $80,000, which will apply after Stasis Systems Australia is operational. If the suspension is for yourself and you need a suspension in say 50 years time, an Alcor suspension (neuro), a Cryonics Institute suspension, and an Stasis Systems Australia normal client suspension will very approximately cost about $570,000, $200,000, and $340,000 respectively at that time, whereas the Founding member’s offer is locked at the original $50,000 you had already contributed. This $50,000 again compares favourably with these other options, especially when you adjust for time-value of money and take into account life insurance premiums you would have had to pay over 50 years to cover these much higher costs of suspension at that time.
Once more, this is not for everyone, but if you are interested in this exciting development please let me know and we can discuss further. For the rest of this plan I will assume you do not take up the option of being a Founding Member of Stasis Systems Australia, although you may still wish to be a normal client of Stasis Systems Australia after they are operating.
As of now, I would recommend going with the Cryonics Institute option at about $45,000, as mentioned previously. It is the lowest cost option currently available even though you still need to be transported to the US. Cryonics Institute also charges fees of about $160 a year for membership.
When Stasis Systems Australia is up and running you may wish to review their capabilities and become a client of theirs thereby being suspended in Australia. As I mentioned before, their fees to you as a client, would be of the order of $80,000, payable at the time of your suspension, excluding the cost of standby and transportation. It is a viable future option and we can discuss the possibility of you shifting to Stasis Systems Australia when they are operational.
This overall recommendation should be revisited every ten years or when your situation materially changes. At a later stage in your life, you may wish to make further decisions about other cryonics needs and which organization to use.
Standby and Transportation
Standby/Transportation is a very important consideration, particularly if you are to be suspended overseas, but even standby/transportation to the Stasis Systems Australia facility (when it is operational) has costs. For Cryonics Institute and Stasis Systems Australia, the actual standby, stabilization, preliminary perfusion and transportation will be conducted by a recognized Australian funeral home with the training, experience and capability to handle this professionally. Alcor has their own standby/transportation processes. As the recommendation focuses on using Cryonics Institute, then at a later stage, possibly Stasis Systems Australia, I will not discuss Alcor, but if you wish more information please let me know.
For a Cryonics Institute suspension, the standby/transportation fees will range from about $28,000 to $50,000 depending on a number of factors including whether you seek simple perfusion or full pre-vitrification perfusion (not available yet in Australia) and your location. Cryonics Services Australia coordination, should you wish it, will be about $4,000. When Stasis Systems Australia becomes operational this standby/transportation fee will be about $10,000 to $25,000 for the funeral home plus about $2,000 for Cryonics Services Australia coordination, should you wish it.
I would recommend you obtain Cryonics Institute membership. The documentation is quite onerous so Cryonics Services Australia can process this for you at a fee which is included in its costs for handling other initial arrangements, or you can simply do yourself. The other document I would recommend is to have your next of kin sign a document confirming agreement with your intention to be suspended. Even though you become a member of Cryonics Institute, you can always change your mind at a later stage and shift to another cryonics organization.
Long Term Trust
These may not be applicable to you now, but I am including the below for completeness.
Long term Trusts are to put money aside for the time of your potential revival in the future. The trust will be established with a recognized independent trust organization. This may mean directing the funds through your Will or life insurance to the trust organization or it may mean directing your funds to a non profit organization or a trusted relative to set up the trust for you. Also Cryonics Services Australia may, with professional legal assistance, help you arrange your Will to reflect this.
Having said the above to provide you with some perspective of what is available, with your current relatively young age, I would recommend it is too early to consider these Trusts for yourself. At some future point in time we could discuss long term Trust arrangements for yourself.
There are many financial vehicles that may be used to finance your future suspension. Because you are at an age and assumed health that can be readily insured, we would recommend, as previously mentioned, life insurance. I won’t go into all the complications of life insurance with you as these really start arising when you reach your fifties. Suffice it to say, you should probably be insured for about a $300,000 payout. This will require a premium of less than $400 a year, depending on the structure. We can investigate this with life insurance professionals to get the best rate applicable to you and determine “sweet spots” for later changes of policy structures. All this may not mean much now. We can discuss it, but it not so critical now and becomes a lot more critical for you as you become older; certainly past about 45 years of age, when insurance premiums start to escalate. We will, of course, discuss all this with a life insurance professional and receive accurate quotes, if you decide to go ahead.
The $300,000 payout should be adequate to cover you over the next 10 years for a Cryonics Institute suspension, Standby/transportation, some inflation effects and some funds for a Trust set up at a later stage. We can review again in 10 years. Also, if you change to the Stasis Systems Australia facility in that time, the $300,000 payout is still applicable. Please note that at your age, policies of less than about $300,000 pay out are usually not available because the yearly premiums are so low that life insurance organizations do not think they are worthwhile.
So that you have a framework of what is available I have provided a wide range of options in each of the areas, with some recommendations.
In summary, I would like to recommend that for now you obtain a Cryonics Institute cryonics suspension arrangement. In addition, to have arrangements available through Cryonics Services Australia or separate arrangements, if you do not wish to use Cryonics Services Australia, for adequate standby and transportation. To finance this I would recommend taking out life insurance with a payout of $300,000, which will both cover your immediate and your foreseeable future cryonics needs. At some point, when Stasis Systems Australia is up and running, to evaluate if you wish to shift your arrangements to Stasis Systems Australia. I would also recommend to not consider long term trusts at this time.
At the very minimum to again review this whole plan every 10 years.
Summary of Costs
Although it may not be your ultimate intent to be suspended with Cryonics Institute, by following this plan, you have arrangements in place immediately with flexibility on future options at a minimal cost. You will have a relatively low cost life insurance policy with the financial capability to use Cryonics Institute or whoever you wish, including transportation to the US. This satisfies your current needs. Additionally, the amount of your life insurance provides you with ample scope to shift to other options in the future, including shifting to Stasis Systems Australia when they are operational.
|Estimated Upfront Costs|
|Cryonics Services Australia fees||$600||If desired for Cryonics Services Australia to set up life insurance, documentation/administration with Cryonics Institute, and other administration requirements. You may of course do this yourself and save these fees.|
|Estimated Ongoing Costs per year|
|Life Insurance||$400||For payout of $300,000|
|Cryonics Institute membership||$160|
|Estimated Costs at Time of Suspension||This is likely far in the future, but this gives an indicative amount in 2015 dollars|
|Cryonics Institute Suspension costs||$45,000||Covered from $300,000 life insurance. Will be $80,000 if later switch to Stasis Systems Australia|
|Standby/transportation costs to Cryonics Institute||$40,000||Handled by Australian funeral home with professional experience in cryonics. They would quote actual rates. May vary depending on location of your demise within Australia. Must be prearranged. Covered from $300,000 life insurance. Cost will be $15,000 if later switch to Stasis Systems Australia.|
|Cryonics Services Australia coordination||$4,000||Cryonics Services Australia coordination if desired. Depends on location and type of coordination required. Must be prearranged. Covered from $300,000 life insurance.|
|Balance to provide flexibility in arrangements and possible cost increase buffer because your likely suspension is far in the future. Also, may be used for long term trusts at some future time.||$211,000||See comment below for “TOTAL”. Covered from $300,000 life insurance.|
|TOTAL||$300,000||As you see from the large balance amount, there is some flexibility in this amount, but at your age, life insurance organizations do not typically insure for less than about $300,000|