Product Review: Meanwhile Insurance

By  Will McKinnon April 8, 2024

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Overview

Life insurance is a centuries-old business that remains an important financial tool for people today. Not only can it help your family in the event of a tragedy, but it allows you to grow and use your Bitcoin during your lifetime in a tax advantaged way.

It can be complicated in the normal world to pick which life insurance plan may be right for you, however in crypto it's easy. Today, there is only one provider who allows you to open your policies using Bitcoin, with the policies themselves backed by Bitcoin: Meanwhile Insurance.

Beluga Basics

Meanwhile is a crypto-native life insurance provider founded in January, 2022, with big backing from investors like Sam Altman. Their vision is to provide whole life insurance on a global scale, all backed by Bitcoin. Plans are just like traditional Whole Life insurance, but with Bitcoin as the underlying currency. Premiums are paid in Bitcoin, claims are received in Bitcoin, and individuals can take loans out against their policy in Bitcoin.

The basic idea is, Policyholders choose the amount of Bitcoin they want to contribute to their plan, and are then guaranteed a higher payout in BTC upon the insured's death. The full payout is guaranteed, and the yearly premiums paid compound within the policy tax free.

Account Registration Steps

To get started with Meanwhile, just head to their website here and enter your basic information to create your profile. The first module will ask you to complete your preregistration, where you'll pick the policy values that make the most sense for you. Meanwhile offers a lot of customizability, so most customers should be able to find something that works for them.

You can then proceed through the next steps as the website instructs to finish setting up your plan. While there are a lot of steps, it's laid out in a pretty easy way - once you submit your documents, the Meanwhile team will review them over a few days and then your account is complete.

Beluga Likes:

  • Bitcoin bulls can use Bitcoin as the underlying asset for their Policy, meaning if Bitcoin goes up in the future your policy is worth more
  • Having investors including Sam Altman lends a lot of credibility to the company
  • Investing in crypto tax free is very cool
  • Simple website, easy to use

Beluga Dislikes:

  • Lots of forms, fields to fill out in order to complete the process which can be tedious
  • You can only use Bitcoin for plans, no other crypto currencies