For quite some time Alcor has accepted life insurance policies naming Alcor as the owner and beneficiary. Since insurance companies in countries outside the United States often are not willing to name a US organization as the policy owner, the Alcor Board of Directors on December 2, 2006, approved a life insurance funding option for residents of the United Kingdom and other countries outside the United States, with the following stipulations:
– Alcor is named the beneficiary.
– There should either be no collateral assignees, or Alcor must be named as the assignee.
– The policy is placed in absolute trust.
– A minimum of one Alcor representative is named as a Trustee.
– The Death Benefit (or Sum Assured) is permanently maintained equal to or in excess of the Suspension Minimum, in equivalent United States Dollars.
– Alcor is to be notified if policy lapses.
– Premium is paid current.
Alcor requires a copy of the policy, Policy Schedule, stamped Trust Request Form (must be Absolute Trust), and stamped Deed (naming Alcor as an additional Trustee).