Officials at the Guinness World Records announced that somebody recently took out the largest life insurance policy in history.
They won’t say who bought it, but officials at the Guinness World Records announced that somebody recently took out the largest life insurance policy in history.
What was divulged is that it’s for 201 million dollars and was purchased by a Silicon Valley billionaire.
That’s more than double the previous record, which was acquired by an also unnamed “entertainment industry figure” in 1990.
Given the odd amount, some speculate that Elon Musk is behind it, as the amount matches the 2013 IPO filing value of his SolarCity endeavor.
Regardless, whoever it is will be paying annual premiums in the single-digit millions.
The payments will be distributed among the 19 different insurance companies who took on the policy.
Numerous insurers were tapped as the amount is far too great for any single company to pay out without experiencing serious financial consequences.
The policy was coordinated and sold by SG, LLC, which is based in Southern California.
Why would a person with that much money need life insurance in the first place?
A spokesman for the company explained that California death taxes are really high and a policy saves the beneficiaries from having to deal with them.