HSBC Life Issues World’s Most Valuable Life Insurance Policy at $250 Million

HSBC Life in Hong Kong has issued the most valuable life insurance policy in the world, valued at $250 million (£197 million). This whole-of-life protection policy is set to provide a record-breaking payout to the named beneficiary of an unnamed individual after their death. The policy is structured to help preserve the individual’s wealth for future generations, reflecting the unique financial planning needs of ultra-high-net-worth individuals.

Edward Moncreiffe, CEO of HSBC Life Hong Kong and Macau, commented on the trend, noting the rapid growth of ultra-high-net-worth populations in Asia and the increasing demand for sophisticated insurance solutions tailored for business succession, estate management, and legacy planning. Moncreiffe emphasized that the issuance of such high-value policies solidifies Hong Kong’s reputation as a preferred wealth management destination and a leading international insurance hub.

This new record surpasses the previous highest life insurance policy of $201 million, arranged by SG, LLC (USA) in 2014. Before that, a $100 million policy was set in 1990 by Peter Rosengard, a prominent British life insurance salesman, covering a well-known figure from the US entertainment industry.

The article also touches on other notable insured valuables:

• Highest Insured Dentures: George Washington’s false teeth, currently on display at his Mount Vernon estate, are insured for $10 million (£7.8 million). These dentures, featuring materials such as elephant ivory and teeth from various sources set in a lead base, are a significant piece of American history.
• Highest Insured Hair: In 2010, American footballer Troy Polamalu’s three-foot-long hair, which he had grown out since 2000 as a tribute to his Samoan heritage, was insured for $1 million (£650,000) by Lloyd’s of London, under sponsorship from Head & Shoulders shampoo.
• Highest Insured Tongue: Gennaro Pelliccia, a coffee taster for Costa Coffee’s UK stores, has his taste buds insured for £10 million ($14 million), highlighting the importance of his skill in distinguishing thousands of coffee flavors.
• Highest Insured Nose: Ilja Gort, a wine producer from Bordeaux, France, has his nose insured for €5 million ($7.8 million or £3.9 million) to protect his wine-tasting abilities that are crucial to his profession.

These records illustrate the extraordinary lengths to which individuals and corporations go to insure invaluable assets critical to their professions or historical legacy.