Billionaire Buys Record Life Insurance Policy

SAN JOSE, Calif. (March 16, 2014) An unnamed Silicon Valley billionaire has purchased the world's most valuable life insurance policy, and Guinness Book of World Record officials say the $201 million life insurance policy is more than double the previous record.

A Southern California financial services company that helped put the deal together declined to identify the buyer for safety reasons.

The firm said the life insurance policy is actually comprised of two dozen-policies underwritten by 19 different insurers because no one company could afford to pay the policies' benefactors when the billionaire died.

The company didn't disclose the annual cost to the billionaire for the policy, but did say it was in the single millions of dollars.

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