Life insurance is a very versatile product, but we don’t often think about it as a necessary element in the portfolios of the rich and famous. A Silicon Valley billionaire has recently taken out $201 million in life insurance. The Guinness World Records, which announced the policy, said it is the largest life insurance policy ever issued.
This is an extremely complicated policy that is underwritten by 19 different insurance companies because if a single lender took the whole policy they would go into bankruptcy if the insurance policy is called. The previous record for a life insurance policy was a $100 million policy for an unnamed American entertainer.
Why do the rich buy life insurance?
- Estate Creation
- Estate Conservation
- Wealth Transfer
- Income Replacement
Considering the volatility of the financial landscape there has been an increase in interest in insurance policies for their steady returns and predictable growth. Life insurance gives you guaranteed growth without the risk. These are important factors to consider, even if you are not a multimillionaire or billionaire.
Should you be seriously considering life insurance? Absolutely; and not only for you but for your children as well. You may not be aware of the great benefits of life insurance for the entire family. Insurance for Children is a company that empowers parents and grandparents to create a solid financial foundation for their children and grandchildren. Our variety of customized insurance products has been used by Canadian parents to save for their children’s futures for over 100 years because they are secure, stable and safe, long term investments. Contact us today to find out how life insurance can benefit your entire family.