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CNBC reports that a “mystery tech billionaire” purchased a life insurance policy worth $201 million. That beats out the previous Guinness World Record, a $100 million policy for “an unnamed American entertainer.”
The policy was purchased from a global advisory firm called SG, which specializes in “complex financial solutions for wealthy clients.” These kind of policies have become popular in California as a way to minimize tax bills by combining insurance products with trusts.
According to CNBC:
SG won’t disclose the buyer’s name. The company said the single policyholder is a well-known billionaire living in Silicon Valley who is involved in the tech industry, and $201 million would be paid out upon the buyer’s death.
Dovi Frances, SG’s president and founder, said no single insurance company holds the $201 million risk. He said the policy is split between 19 different companies and none hold “more than $20 million or so” of risk.
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Comments
It could be. Are you now going to post every single time anyone has higher insurance and beats this? Because that would definitely pay for the money of the subscription