Life insurance policies are a way for individuals to ensure that their families have enough money to cover any debts and expenses after they pass away. Some policies, however, are much larger than others. Here are some of the highest life insurance policies ever sold:
|Policy||Value||Yearly Premium||Reason for Purchase|
|Unknown||$212 million||$6,148,000||Estate planning and charitable giving|
|Unknown Silicon Valley billionaire||$201 million||Unknown||Payment of taxes generated by assets|
|Unknown individual||$41 million||Unknown||Debt repayment|
|Business owner||$15 million||Unknown||Income replacement for family|
|Couple||$10 million||Unknown||Ownership transfer to family trust|
Some of these policies were purchased for estate planning or charitable giving purposes, while others were meant to cover taxes or debt repayment. One policyholder even purchased a policy to ensure income replacement for their family.
In addition to traditional life insurance policies, there are also survivorship life insurance policies, which cover two individuals and only pay out after both have passed away. One couple who owned multiple businesses in real estate and technology recently purchased a $10 million survivorship policy, which they transferred to a family trust.
No matter the reason for purchasing a life insurance policy, it is important to have adequate coverage to protect loved ones in the event of unforeseen circumstances.
- Legal & General. Life Insurance: What It Is, How It Works, And How To Buy A ...
- Forbes. Permanent Life Insurance: Definition, Types, And ...
- Bankrate. How Does Life Insurance Work?
- Quotacy. Group Term Life Insurance Policies – Employer-Paid Premiums
- mymed.com. Life Insurance