Originally published on: October 30, 2024
Bitcoin, the OG cryptocurrency, has found a new application in the life insurance industry, thanks to Meanwhile. Described as the “first and only life insurance company denominated in Bitcoin,” Meanwhile offers customers a whole life insurance policy in which everything is denominated in Bitcoin.
In a recent episode of The Agenda podcast, Danny Baer, Meanwhile’s director of wealth and asset management, shared insights into how Bitcoin-denominated life insurance works and the tax benefits it offers BTC hodlers.
Unlike traditional life insurance policies, Meanwhile’s policies are paid out in Bitcoin, borrowed against in Bitcoin, and even paid to beneficiaries in Bitcoin. This unique approach opens up several tax advantages for long-term hodlers, with one key benefit being tax-free policy loans. Borrowing against the policy in Bitcoin creates a new asset with a new cost basis, providing hodlers with a tax-efficient way to access funds.
As the value of Bitcoin increases over time, customers not only have a growing pool of funds to borrow against but also potential for significant future gains if Bitcoin continues its upward trajectory. With everything denominated in Bitcoin, the future value of a policy in US dollar terms could be considerable.
To learn more about how Meanwhile manages customers’ BTC, how payouts work, and the company’s regulatory framework, listen to the full episode on Cointelegraph’s Podcasts page, Apple Podcasts, or Spotify. Don’t miss out on this innovative approach to life insurance in the age of cryptocurrency.
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Please note that this article is for general information purposes only and should not be considered legal or investment advice. The views expressed here are solely those of the author and do not necessarily represent the views of Cointelegraph.
