HSBC Life sets World Record for most valuable life insurance policy ever sold

If you have ever wondered what is the world record for the most valuable life insurance policy ever sold, here’s the answer.

HSBC Life has recently 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 Life Hong Kong, the whole-of-life protection policy will pay out US$250 million to the insured person’s named beneficiary after their death.

The purpose of the policy is for estate planning and includes features aimed at protecting the individual’s wealth for future generations of the family.

According to media reports, the ultra-high-net-worth client was introduced by insurance broker Charles Monat Group which focuses on the high-net-worth segment, and the contract is an HSBC Life Paramount Global Life Insurance Plan, a whole-of-life protection policy with wealth preservation and legacy planning features.

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.”

In the past 12 months, HSBC Life has issued 10 other life insurance policies valued at US$50 million or higher to individual customers.

Previously, such jumbo-sized policies have only been issued in the US, UK and Bermuda. The previous Guinness World Record, for a US$201 million life insurance policy, was certified in California, in the US, in 2014.

Read the full company statement here: Our record-breaking life insurance policy

Main Picture (Credit: HSBC): Jacob Yip, Official Adjudicator, Guinness World Records (far left) with Edward Moncreiffe and K C Cheung from HSBC Life, Hong Kong and Macau