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.
If you are sure that you want to cancel the LIC policy, here is what you need to know: You will not get any of the premium amounts paid in the first year in your surrender value. In general, the surrender value is returned to the policyholder at 30% of the premium amount.
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.
You might want to contact the National Association of Insurance Commissioners (NAIC) for their free Life Insurance Policy Locator Service, which looks for policies on the databases of many insurance companies. Another great resource could be your state's Department of Insurance (DOI).
You should review all of your insurance needs at least once a year. If you have a major life change, you should contact your insurance agent or company representative. The change in your life may have a significant impact on your insurance needs.
It's possible to dispute or contest a life insurance policy. However, doing so requires a legal court process. Since the process is quite complex, you should hire an experienced attorney to help you out.
Whether you're switching car insurance providers or selling your car, you can cancel your current insurance policy at any time. It's a simple process that typically doesn't take much time.
Life insurance is a popular way for the wealthy to maximize their after-tax estate and have more money to pass on to heirs. A life insurance policy can be used as an investment tool or simply provide added financial reassurance.
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.
Beneficiary Disputes: In cases where there are multiple beneficiaries or disputes over the rightful beneficiary, the insurance company may investigate to determine the appropriate distribution of the policy proceeds.
What to do after a person dies. Once a policyholder has passed away, beneficiaries typically receive life insurance notification within 90 days of the death. However, this can vary depending on the insurer, and whether they're able to locate all beneficiaries.
The easiest way to learn if you are a life insurance beneficiary is to talk to the policyholder if they are still alive. They can tell you whether you're a beneficiary and provide information necessary to claim the death benefit when they pass away.
You could need life insurance in retirement to cover final expenses, pay off your final debts and estate taxes, and leave an inheritance. If you've already got these goals covered though, then you likely no longer need life insurance.
Suze Orman recommends that generally most people should get a 20 year term life insurance policy at 20 times your annual income. What does that mean? That means if you're 30 years old and you make $50,000 a year you should get a million dollar 20 year term life insurance policy.
Most people aim to do this over their mortgage period of 25 years. This is to ensure that if a death occurs, any debts or payments will be covered in this time. This policy is also ideal if you have children still living at home or in full-time education.
By law, if you cancel a term life insurance policy within 30 days of purchasing it, the company must refund any money you paid. In addition, if you pay some of your premiums ahead of schedule and then cancel your policy, the company should return those early pre-payments.
Cancellation is straightforward with a term life policy. You should contact your life insurance company with a written notice and advise them you are ending the policy. You can also simply stop paying premiums to get the same result.
You can withdraw up to the amount you've paid in premiums without paying taxes on the funds. Withdrawals will reduce the death benefit. Take out a loan. A life insurance policy loan allows you to borrow money from your life insurance policy.
If you just bought your policy, you can back out during the “free look” period and receive a full refund. Free look periods vary by state but typically last 10 to 30 days. You have term life insurance you no longer want. You can simply stop paying premiums and walk away.
Introduction: My name is Barbera Armstrong, I am a lovely, delightful, cooperative, funny, enchanting, vivacious, tender person who loves writing and wants to share my knowledge and understanding with you.
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