In 2014 Guinness World Records confirmed a new record for the
“Most Valuable Life Insurance Policy ever”
Valued at $201 million (£120 million; €144.8 million)
or
Rs.1,655 Crores!!!!! (Approx.)
Issued to a well-known U.S. billionaire.
According to Guinness World Records, the $201 million policy more than doubled the previous record for a Life Insurance policy
a $100 million
or
Rs.823 Crores (Approx) set in 1990.
For a policy on the life of Hollywood mogul David Geffen.
He founded Dreamworks Pictures with Steven Spielberg
And the person who sold it was Peter Rosengard from the UK.
Now let’s see who the $201 Million Man is
- A well-known, unnamed Silicon Valley billionaire set a record with a significant coverage amount to protect his wealth once he is no longer around.
- And the $201 million would be paid out upon the buyer’s death.
- This is not a Term Life Insurance plan.
- The record-breaking life insurance policy was sold byDovi Frances, a managing partner ofSanta Barbara-based SG LLC-a firm that advises high-net worth clientson their complex financial needs.
- The $201 million policy is more complicated than most policies.
- No single insurance company holds the $201 million risk.
- The life insurance policy is actually two dozen policies underwritten by 19 different insurers and the annual premium is “more than $20 million or Rs 164 Crores every year or so to spread out the risk”.
- Guinness officials spent six months investigating the policy before declaring it the world record.
- The insurance companies benefit from the deal by immediately “Investing the Premium”
Dovi was not legally permitted to disclose the Name or the Age of the billionaire buyer but said it was a well-known Californian tech investor.
Dovi said the billionaire wants to remain anonymous for two reasons: privacy and keeping the news from his benefactors.
Why would a Billionaire or anyone spend so much on a Life Insurance Policy???????
How can you build Wealth with Life Insurance?
As quoted by Robert Kiyosaki”
"It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for."
The two key Principles of Financial Planning are "Inflation" and "Longevity".
And as stated in the official Report of
The Expert Committee on Longevity Finance was published by the International Financial Services Centres Authority (IFSCA) on April 12, 2022.
International Financial Services Centres Authority (A Statutory Authority established by Government of India)
"Life insurers are uniquely poised to be the only players in the market to cover both the critical risks —
1. The Risk of Dying too Early and
2. The Risk of Living too Long."
It is always wiser to invest in Life Insurance as early as possible and exploit the 8th Wonder of the World "Compound Interest"
with
"Perpetual Uninterrupted Compound Interest"
Aditya Birla Sun Life Insurance | Aditya Birla Health Insurance Company Ltd. | Aditya Birla Capital | Aditya Birla Group
Life Insurance Awareness Month
Gaurav Mohanty
IRDAI Licensed Insurance Advisor,
4 years Million Dollar Round Table Qualified,
Aditya Birla Sun Life Insurance
Mob/Whatsapp : +91-9766420564, +91-9923574241
Email: gaurav_mohanty@yahoo.com
FAQs
The most valuable life insurance policy is US$250 million (£197,825,000; €229,825,000) and was achieved by HSBC Life (International) Limited (China) in Hong Kong SAR, China, as verified on 22 February 2024. The policy was taken out by an individual customer for wealth preservation and legacy planning.
What is the Guinness World Record for life insurance? ›
We've set a new Guinness World Record for the most valuable life insurance policy ever sold, worth US$250 million. Issued and fully underwritten by HSBC Life, our insurance business in Hong Kong, it was taken out by an individual customer earlier this year.
Who has the most expensive life insurance policy in the world? ›
The world's most valuable life insurance policy has been taken out by an individual customer of HSBC Life in Hong Kong. Worth $250 mn, the whole-of-life protection policy will pay out the record-breaking sum to the anonymous person's named beneficiary after their death.
Are there rewards for Guinness World Records? ›
Q: Is there any prize money associated with Guinness World Records? A: Guinness World Records does not offer any prize money; the rewards are solely derived from the prestige and recognition that accompany record holding.
Can I sell my $100000 life insurance policy? ›
Every case is different, and the amounts different companies offer vary. However, according to the Life Insurance Settlement Association (LISA), the average life settlement is 20% of the policy's face value. That means if your policy has a $100,000 benefit, you might receive $20,000 from selling it.
Do you get paid to be on Guinness World Record? ›
As the world's unrivalled authority on record-breaking achievement, our role is to celebrate the world's best, to inspire ordinary people and to entertain and inform. For these reasons, we do not pay record-breakers for their achievements or for carrying out a record title attempt.
Who is the richest person in insurance? ›
1. Warren Buffett. Buffett once again secures the top spot on the list of the country's wealthiest insurance tycoons. The man known as the “Oracle of Omaha” currently sits in the tenth spot of Forbes' overall rankings with a net worth of $103.6 billion.
Can a average person get a million dollar life insurance policy? ›
Can I get a million dollar life insurance policy? If you are reasonably healthy, you will likely qualify for a million dollar policy, and if you're in your 20s, 30s, or even 40s, the cost may be lower than you think for term life coverage.
Who is the number 1 life insurance company in the US? ›
Why do millionaires buy life insurance? ›
Life insurance is a popular way for the wealthy to maximize their after-tax estate and have more money to pass on to heirs. A life insurance policy can be used as an investment tool or simply provide added financial reassurance.
Contrary to what many people believe, entering the Guinness Book of World Records does not have any type of economic compensation. Therefore, you will not receive a single euro, pound or dollar for breaking a record.
Do you have to pay for a Guinness World Record certificate? ›
Please log into the Store using your log on and password for www.guinnessworldrecords.com and your free certificate will be added to your basket automatically. This certificate is free of charge. If you would like to order any further Record Holder certificates then please add these to your basket.
How much money do you get if you get a Guinness World Record? ›
Contrary to what many people believe, entering the Guinness Book of World Records does not have any type of economic compensation. Therefore, you will not receive a single euro, pound or dollar for breaking a record.
Can you become a millionaire selling life insurance? ›
Some agents, advisors, and multi-line agents made a million dollars in the first year they worked with us selling life insurance! While most of the others it took 2, 3, or more years to make a million dollars per year selling life insurance. (We are not recruiters.
Can I borrow against my life insurance? ›
The limit for borrowing money from life insurance is set by the insurer, and it's typically no more than 90% of the policy's cash value. When your policy has enough cash value (minimums vary by insurer), you can use it as collateral to request a loan from your insurance company.
Which is better, whole life or term? ›
If you only need coverage for a few years while your children are growing up, for example, then term life insurance may be the right choice. But if you want lifetime coverage and the ability to build cash value, then consider whole life insurance.
What is the world record for life? ›
The longest documented and verified human lifespan is that of Jeanne Calment of France, a woman who lived to age 122 years and 164 days. As females live longer than males on average, women predominate in combined records.
How much does Guinness pay for a world record? ›
The institution's own regulations specify that those who beat an existing record, as well as those who set a new record, are not paid anything.
Who sold the most life insurance? ›
As early as 1979, Feldman had sold more life insurance than anyone in history. He sold life insurance policies with a total face value of about $1.5-billion for New York Life from 1942 to his death in 1993.
