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March 18, 2014 / 9:45 AM

Unknown billionaire takes out world's most expensive life insurance policy

According to Forbes, the U.S. has 492 billionaires, many of whom are Silicon Valley tech and Internet billionaires.

An unknown billionaire just purchased the world's most expensive life insurance for $201 million.

Guinness World Records would not divulge a name, but they did say it was a Silicon Valley billionaire who purchased the insurance, twice the cost of the previous record. Some speculate that the insurance was purchased by Tesla Motors and SpaceX founder Elon Musk as the amount matches the 2013 IPO filing of his SolarCity endeavor.

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Whoever purchased the insurance will be paying annual premiums in the low millions and the payments will be distributed among the 19 insurance companies that hold the policy. The policy was coordinated by San Francisco based SG LLC and when asked why someone so rich would need life insurance, their spokesman explained that California death taxes are extremely high and some wish to remove that complication for their beneficiaries.

[GeoBeats]

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