Greed After Death- Or Something Like That. Billionaire buys largest life insurance polcy ever

[cali]

An unnamed Silicon Valley billionaire has purchased the world's most valuable life insurance policy.

The San Jose Mercury News reported Saturday (http://tinyurl.com/n352sla ) that Guinness Book of World Record officials say the $201 million life insurance policy is more than double the previous record set in 1990 by an unidentified "entertainment industry figure."

A Southern California financial services company who helped put the deal together declined to identify the buyer for safety reasons.

"We don't want hit men running around Palo Alto trying to find him — or members of his own estate," quipped Dovi Frances of the Santa Barbara-based SG LLC financial services company.

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http://www.seattlepi.com/news/us/article/Silicon-Valley-billionaire-buys-record-life-policy-5320532.php

[Donald Ian Rankin]

1. One thing it self-evidently isn't is greed.

The only reason to buy a life insurance policy is if you want to benefit someone else.

[Rex]

3. ...

[cali]

4. I disagree.

[Tierra_y_Libertad]

2. Getting life insurance is like betting on a sure thing..and hoping you lose. Dick Gregory

[dixiegrrrrl]

9. vut..what if he took it out on someone else?

sorta like dead peasant's insurance?

[SheilaT]

5. I suspect he's paying quite a bit for it.

Life insurance policies like this are generally tax planning devices.

[pipoman]

6. Bingo

Wealthy people buy big life insurance policies to cover estate taxes.

[SheilaT]

7. And in some cases to make sure that the heirs

have quick access to cash while the estate is being settled.

[Wilms]

8. And in some cases to make sure that the heirs

have enough money to pay for the funeral and such. Very thoughtful.