Coincover and BitGo Launched a Bitcoin Insurance Plan

This is a poorly reported news or misleading product information by Coincover and BitGo. 

It says there is an insurance but it appears that no traditional insurance coverage is provided. What seems to be provided is a mechanism for retrieving the crypto funds upon the death of the crypto owner. 

Neither is there a will as understood in the traditional sense. The mechanism provided for retrieval of the crypto assets simply helps in the execution or administration of the estate of the deceased by the executor. That is the executor of the will or in the absence of a will the court appointed administrator has the means to acquire the crypto assets to distribute it as per the terms of the will or as per the laws of intestacy. 

They should be calling it Cryptocurrency Access Kit, instead of calling it a will and insurance. 

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