Tech Honcho Nabs History's Biggest Life Insurance Policy
Identity remains a mystery
By Newser Editors and Wire Services
Posted Mar 15, 2014 4:50 PM CDT
A tech billionaire has bought history's biggest life insurance policy, though we don't know who it is.   (Shutterstcok)

(Newser) – An unnamed Silicon Valley billionaire has purchased the world's most valuable life insurance policy. Guinness Book of World Records officials say the $201 million life insurance policy is more than double the previous record, set in 1990 by an unidentified "entertainment industry figure," the San Jose Mercury News reported. 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 SG LLC.

The life insurance policy is actually two dozen policies underwritten by 19 different insurers, Frances says. That's because no one company could afford to pay the policies' benefactors when the billionaire died. Frances didn't disclose the annual cost to the billionaire for the policy, but did say it was in the single millions of dollars. He said Guinness officials spent six months investigating the policy before declaring it the world record. Several billionaires have connections to Frances' firm, including Google Chairman Eric Schmidt and Palantir Technologies co-founder Joe Lonsdale.

Copyright 2016 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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Showing 3 of 9 comments
RAD45
Mar 21, 2014 4:49 PM CDT
chances are this really isn't a "life insurance" policy, it's a way of pre-paying the guy's federal and state death taxes! Smart move since it help prevent the government(s) from getting their hands on his money!
Charles P
Mar 18, 2014 10:12 AM CDT
SINCE they OPENLY say it is NOT one insurance policy, THEN THE WHOLE ARTICLE IS A LIE! WHY DOES THE NEWS MEDIA HAVE TO LIE TO US?????????????? AFRAID OF THE REAL NEWS????????????????? Reality FRIGHTEN NEWS PEOPLE?????????????
Dave0
Mar 17, 2014 10:10 PM CDT
I'd rather buy 'Life Assurance'. Sweet deal if ya can get it.