Guernsey Grants Licence for Bitcoin-Backed Life Insurance Product

Bitcoin Life has obtained a full licence to operate as an international long-term life insurance company in Guernsey. The company, which is also known as Perpetual21, launched its first product alongside the licence: a Bitcoin-denominated whole-of-life, investment-linked insurance bond. This new product aims to cater to long-term Bitcoin holders who want to pass their holdings on to future generations.

The policy allows clients to invest a single premium in either Bitcoin or fiat currency and can hold the entire policy value directly in Bitcoin. The company provides policyholder protection and trust arrangements through an independent, regulated trustee. Insurance management and regulatory oversight is provided by Polo Insurance Managers, part of PoloWorks.

Peter Lane, founder and executive director of Bitcoin Life, stated: 'We believe Bitcoin is a forever asset and, therefore, it needs a forever home.' Mark Elliott, CEO of Polo Insurance Managers, added that the launch demonstrates how non-traditional assets can be incorporated into established insurance structures in a controlled and responsible way.