Silicon Valley Tech billionaire has broke a Guinness World Record for Most Valuable Life Insurance Policy. Worth $201 million. The previous record was $100 million set by Peter Rosengard from the UK. 

The life insurance policy is backed by 19 different life insurance companies to help spread out the risk. The whopping policy was sold by financial adviser Dovi Frances of the Santa Barbara-based firm SG LLC.

If you are wondering why would a Billionaire need a life insurance policy (particularly a 201 million dollar policy)?

Top reasons a billionaire would need a life insurance policy.

  1. Create a life insurance trust
  2. Reduce or even eliminate estate taxes
  3. Provide flexibility to heirs
  4. Tax deferred cash value growth
  5. Charitable giving
  6. Buy sell agreement for business purposes