[verall]

I think it's actually tax avoidance disguised as life insurance:

> You can borrow Bitcoin against your policy, and the borrowed BTC adopts a cost basis at the time of the loan. So if BTC were to 10x after you fund your policy, you could borrow a Bitcoin from Meanwhile at the 10x higher cost basis—meaning you could sell that BTC immediately and not owe any capital gains tax on that 10x of appreciation

[tecleandor]

Oooooouch, I missed that when checking their site, and that's extra shady. Especially when at the footing of the page you can see:

  Neither Meanwhile Insurance Bitcoin (Bermuda) Limited nor its affiliates Meanwhile Services (Bermuda) Limited and Meanwhile Incorporated, are lawyers or accountants. They do not provide legal or tax advice. You are wholly responsible for obtaining your own legal and tax advice.

And everything incorporated in Bermuda, and regulated only by Bermuda laws, makes it very impractical as an insurance (go and claim whatever you want against them from your country, I don't think it will be easy) and very obviously a tax evasion thing.