General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGreed After Death- Or Something Like That. Billionaire buys largest life insurance polcy ever
An unnamed Silicon Valley billionaire has purchased the world's most valuable life insurance policy.
The San Jose Mercury News reported Saturday (http://tinyurl.com/n352sla ) that Guinness Book of World Record officials say the $201 million life insurance policy is more than double the previous record set in 1990 by an unidentified "entertainment industry figure."
A Southern California financial services company who helped put the deal together declined to identify the buyer for safety reasons.
"We don't want hit men running around Palo Alto trying to find him or members of his own estate," quipped Dovi Frances of the Santa Barbara-based SG LLC financial services company.
<SNIP>
http://www.seattlepi.com/news/us/article/Silicon-Valley-billionaire-buys-record-life-policy-5320532.php
Donald Ian Rankin
(13,598 posts)The only reason to buy a life insurance policy is if you want to benefit someone else.
cali
(114,904 posts)Tierra_y_Libertad
(50,414 posts)dixiegrrrrl
(60,010 posts)sorta like dead peasant's insurance?
SheilaT
(23,156 posts)Life insurance policies like this are generally tax planning devices.
Wealthy people buy big life insurance policies to cover estate taxes.
SheilaT
(23,156 posts)have quick access to cash while the estate is being settled.
Wilms
(26,795 posts)have enough money to pay for the funeral and such. Very thoughtful.