Posted by 
(From US TV Serie Silicon Valley Credit©️ HBO)
The mysterious rich man from Silicon Valley broke the Guinness World Record for life insurance with the highest claim amount.According to reports, the life insurance that the rich man applied for has an insured value of US$2.01 million.It broke the previous record of US$1 million in life insurance coverage created by the British.
(>>>Related reading:What is the coverage of life insurance?What does a claim payment mean?)
Joint underwriting by 19 insurance companies
This record-breaking $2 million life insurance policy consists of 19 companiesLife insurance companyJoint underwriting, each insurance company's claim coverage is under $2000 million.
If only one life insurance company underwrites it-once the insured person dies and claims settlement occurs, then the insurance company may directly face bankruptcy.
The industry speculates that the mysterious policyholder from Silicon Valley may be Elon Musk, the co-founder of Telsa and SpaceX, but a Tesla spokesperson declined to comment.
How much premium does a 2 million USD life insurance policy need?
A large amount of claims also means higher premiums.According to disclosure, the premium price is in millions of U.S. dollars.
American Life Insurance Guide©️Using a lifetime life product with a guaranteed claim amount, an annual premium estimate was made for an insurance policy with an insured amount of US$2 million.Use the following tableGUL Insurance(Guaranteed claims for life insurance) andwhole life(Savings dividends for life insurance) For comparison, these two types of whole life insurance products provide a "guarantee" for the death claim of $2 million.
| $2 million sum assured policy DB | Guaranteed UL | whole life |
| 40 years old/male | $1,100,000/year | $2,450,000/year |
| 50 years old/male | $1,500,000/year | $3,800,000/year |
| 60 years old/male | $2,600,000/year | $6,000,000/year |
| 70 years old/male | $5,100,000/year | $9,560,000/year |
| 80 years old/male | $12,800,000/year | $16,960,000/year |
(>>>Recommended reading:Popular science｜Introduction to the advantages and disadvantages of various types of American life insurance and premium prices )
Reasons for the wealthy Americans to buy life insurance
The top group in the affluent class (Ultra-Wealthy) usually has many different needs to buy life insurance.
The main reason is to deal with inheritance tax.
According to the person in charge of the brokerage company who helped the client to insure, for the super-rich, they may face a huge amount ofNeed to pay in cashTax bill.But many millionaires and billionaires will invest their wealth in assets instead of holding large amounts of cash, and there may not be enough cash to cover the corresponding expenses.
If the household assets still have borrowing leverage-then your relatives will also first face the debt settlement notice from the creditor.
Life insurance cash check claims are the simplest solution for living family members.(End of the article)
(>>>Related reading:Can insurance be used like this? NCAA star coach reveals the secret of benefits behind life insurance policy contracts ）
(>>>Related reading:How much did the car king Schumacher spend for 6 years of long-term care?）
