SAN JOSE, Calif. (AP) - An unnamed Silicon Valley billionaire has purchased the world's most valuable life insurance policy.
The San Jose Mercury News reported Saturday (http://tinyurl.com/n352sla) that 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 who helped put the deal together declined to identify the buyer for safety reasons.
The firm says that the life insurance policy is actually two dozen policies underwritten by 19 different insurers. That's 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.