Issued and fully underwritten by HSBC Life, our insurance business in Hong Kong, it was taken out by an individual customer earlier this year.
The plan, a whole-of-life protection policy, will pay out US$250 million to the insured person’s named beneficiary after their death.
It includes features aimed at protecting the individual’s wealth for future generations of the family.
Edward Moncreiffe, CEO, HSBC Life, Hong Kong and Macau, said: “Asia is home to the fastest growing ultra-high-net-worth population in the world, and as such we are seeing a substantial increase in demand for insurance solutions to address business succession, estate management and legacy planning needs.
“The issuance of these high-value life insurance policies reaffirms Hong Kong’s position as both a preferred destination for wealth management and a leading international insurance hub.”
“Asia is home to the fastest growing ultra-high-net-worth population in the world”
In the past 12 months, HSBC Life has issued 10 other life insurance policies valued at US$50 million or higher to individual customers.
“The Hong Kong life insurance market has deep talent pools across intermediaries, underwriters and actuaries, strong competition amongst international banks, brokers and insurers, well capitalised insurance companies with strong credit ratings and a sound regulatory regime,” added Edward Moncreiffe.
“As the market-leading insurer in Hong Kong, HSBC Life is well-positioned to capture its fair share of the demand and we will continue to invest in our people, products and services in this segment accordingly.”
The previous Guinness World Record, for a US$201 million life insurance policy, was certified in California, in the US, in 2014.
We've set a new Guinness World Record for the most valuable life insurance policy ever sold, worth US$250 million. Issued and fully underwritten by HSBC
HSBC
HSBC was founded by Thomas Sutherland, a young Scotsman working in Hong Kong for a large shipping firm. He had never held a bank account himself, but while sailing along the South China coast in 1864, he read an article on Scottish banking that inspired him.
The world's largest single life insurance policy has been taken out by an individual customer of HSBC Life in Hong Kong. This record-breaking whole-of-life policy boasts a US$250 million pay-out upon the anonymous policyholder's death and will paid to the individual's estate.
The world's most valuable life insurance policy has been taken out by an individual customer of HSBC Life in Hong Kong. Worth $250 mn, the whole-of-life protection policy will pay out the record-breaking sum to the anonymous person's named beneficiary after their death.
Can you cancel a life insurance policy at any time? Yes, you can, although the only way to get back all your premium payments is to do so during the initial “free look” period.
If you outlive your policy, your payout is cancelled. If you're in good health and still young, buying a new term life insurance policy may be the best option for you. This will more often than not cost less than converting to a permanent policy.
The average cost of a $100,000 whole life insurance policy is about $88 a month, or $1,056 a year, based on our analysis of whole life insurance quotes for a 30-year-old nonsmoker in good health. Whole life insurance offers permanent coverage, meaning it typically lasts your lifetime as long as you pay your premiums.
Can I get a million dollar life insurance policy? If you are reasonably healthy, you will likely qualify for a million dollar policy, and if you're in your 20s, 30s, or even 40s, the cost may be lower than you think for term life coverage.
One reason why the wealthier may consider purchasing life insurance has to do with taxation. Tax law grants tax benefits to life insurance premiums and proceeds, affording asset protection in the process. The proceeds of life insurance are also tax-free to the beneficiary.
If you have a great work ethic and are willing to place yourself out there to establish relationships with clients, you will get more opportunities to earn a higher income. Selling insurance may even make you a millionaire.
If you cancel a term life insurance policy, you don't get a payout. You may receive a cash balance when you cancel a whole life insurance policy. Rather than canceling a policy you can't afford, consider switching from whole to term life, or reducing your benefit amount.
If you have a permanent life insurance policy that has accumulated cash value, then yes, you can take cash out before your death. There are three main ways to do this. First, you can take out a loan against your policy (repaying it is optional).
If you outlive your coverage, 100% of the money you paid in premiums during the term is returned to you, tax-free. However, if you fail to make your payments or cancel the policy, you may not get a premium refund (exact rules vary by insurer).
Many people in their 60s and 70s may no longer need life insurance. They may have already paid off the house, stopped working, sent the kids off to care for themselves or accumulated enough assets to offset the need for life insurance. But sometimes buying or maintaining a life insurance policy over age 60 makes sense.
You'll likely want to wait 10 to 15 years after buying a policy to cash it out. That length of time gives you enough time to build up significant cash value. If you cash out your policy, the length of time you own it will help lower the cost of surrender or early cancellation fees you might pay.
Remember that your life insurance needs don't necessarily determine how much you can buy. Most life insurance companies will allow you to get a maximum of 25 times your annual income. Below are some examples of what 25 times your salary could be if you qualify.
The Silicon Valley is home to a lot of wealthy individuals who work in the technology industries in the area. Recently, one unnamed Silicon Valley billionaire took the concept of large life insurance policies to a whole another level when he took out a policy worth a whopping $201 million.
The HLV factor limit for a given age band is 15. This means that you can have a maximum life insurance coverage of 15 times your annual income. So, if your annual income is ₹16 lakh, then 15 times (HLV) of this will put a limit of ₹2.4 crore on the life cover (15 multiplied by ₹16 lakh income).
The average cost for a million-dollar life insurance policy is anywhere from approximately $50 to more than $1,000 a month, depending on your age, health, annual income, policy type and other factors.
Introduction: My name is Dan Stracke, I am a homely, gleaming, glamorous, inquisitive, homely, gorgeous, light person who loves writing and wants to share my knowledge and understanding with you.
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