Anyone who has been through the process of getting life insurance knows it can be a grueling experience. Even with all the information that’s available online, it can be hard to filter through all the noise and find what you need.
If you have friends or family members who have struggled to purchase life insurance because of pre-existing medical conditions or other factors, you might think that buying it will be even harder for you. Cryptoassets are a great way to prove your net worth when applying for life insurance.
If you want to apply for life insurance and want to use crypto, here are three ways that crypto can help you get affordable life insurance:
Crypto can Prove Your Net Worth
One of the first hurdles you’ll need to overcome when applying for life insurance is proving your net worth.
While you may have everything mapped out in a spreadsheet, some life insurance agents may not understand how to interpret the data. When it comes to cryptoassets, a single coin can be worth thousands of dollars. In fact, one Bitcoin has reached over $60,000 on its peak. That can be a lot for a life insurance agent to wrap their head around.
Create a Collateral-Based Insurance Plan
If you’re applying for term life insurance, many cryptoassets can be used as collateral. This means that you can use them as collateral against a life insurance policy.
If you have a large amount of cryptoassets that you can utilize as collateral, you may be able to get a life insurance policy with a lower premium.
For example, let’s say you need $500,000 in life insurance. If you can prove that you have $1 million in cryptoassets, you may be able to get a $500,000 life insurance policy.
Utilize Forks to Create a Coincidence of Events
In addition to using cryptoassets as collateral, you can also use forks to decrease the amount of life insurance you need. When a cryptocurrency forks or splits, it creates two separate coins. This can happen for a variety of reasons, including a software upgrade or a change in the network consensus algorithm.
If you own a certain amount of coins before a fork, you will own both coins after the fork. Most people choose to sell one of the coins after a fork, but you can actually use this to your advantage when buying life insurance.
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