FX.co ★ Tycoon buys record life insurance policy

An unnamed billionaire has set a new Guinness World Record for the Most Valuable Life Insurance policy in history of the insurance business. A pact will pay his survivors a cool $201 million. Guinness spent six months determining the policy was real before the world record acknowledgement. According to Guinness, the mysterious billionaire "resides in the Silicon Valley area of California and is actively known as a technology investor." The whopping policy was sold by financial adviser Dovi Frances of the Santa Barbara-based firm SG LLC. The agent who made the largest ever insurance deal received special praise and a steep fee as a percentage from the sale. “Bringing this transaction together required negotiating concurrently with over two dozen insurance companies and complex underwriting requests from each insurance company,” Frances said. He has worked with the client in question for four or five years. For your reference, SG LLC has been involved in the insurance business for several years dealing mostly with VIP clients. However, it has never sold such a costly life insurance. Interestingly, the fresh Guinness record more than doubles the previous world record set in 1990 by financial advisor Peter Rosengard from the UK. He sold a policy on the life of an anonymous “entertainment industry figure” for $100 million. Meanwhile, Russian insurance companies cannot boast about such valuable deals. Russian record insurance policies are gauged in million rubles. So, the largest amount of the insurance payout in Russia has totaled 105 million rubles so far. This amount has been paid to a family of “CiV Life” client who died “as a result of an unlawful act of a third party” in 2012.