Billionaire Buys Record Breaking Life Insurance Policy

A mysterious billionaire has set a new Guinness World Record for having the most expensive life insurance policy, $201 million. On top of that the annual premiums on the policy are costing the unknown billionaire a couple of million dollars.

The deal involves 19 different insurance companies and it doubles the previous record of $100 million. Why would a billionaire even need to get life insurance anyway? Surely, with that amount of money in the bank, you could cover everything anyway?

A spokesperson from one of the insurance companies involved with the deal says that the policy ensures that the beneficiary of the policy receives the proceeds without being exposed to taxes.

[ Source : Forbes ]

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