Our record-breaking life insurance policy | HSBC news (2024)

FAQs

Who has the most expensive life insurance policy in the world? ›

The most valuable life insurance policy is US$ 250 million (£197,825,000; €229,825,000) and was achieved by HSBC Life (International) Limited (China) in Hong Kong SAR, China, as verified on 22 February 2024. The policy was taken out by an individual customer for wealth preservation and legacy planning.

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.

Use a life Insurance policy locator

The National Association of Insurance Commissioners, MIB Group, and the National Association of Unclaimed Property Administrators all provide life insurance policy location services.

If you outlive your policy, your payout is cancelled. If you're in good health and still young, buying a new term life insurance policy may be the best option for you. This will more often than not cost less than converting to a permanent policy.

Based on the latest 2023 data from the National Association of Insurance Commissioners (NAIC), New York Life leads the pack with a 6.86 percent market share.

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.

Whole life premiums are fixed for life – they never go up or down. However, if you need more flexibility, a universal life insurance policy lets you adjust monthly premiums within a specific range.

Life insurance may not pay out if the policy expires, premiums aren't paid, or there are false statements on the application. Other reasons include death from illegal activities, suicide, or homicide, with insurers investigating claims thoroughly.

Can someone take out life insurance on you without your permission? ›

Can someone take out life insurance on me without my knowledge? A third party can't take out a life insurance policy on you without your knowledge and consent.

It's most common to take out a life insurance policy on a parent, child, sibling, or business partner. You can't get life insurance coverage on someone else without their knowledge. The person you're insuring needs to consent to the application process and sign the policy.

No, with a standard term life insurance policy, you won't be receive anything back if you outlive your life insurance. So, what happens at the end of your term life insurance?

At What Age Is Life Insurance No Longer Needed? Life insurance is no longer needed for many people once they reach their 60s or 70s. At this point they have retired, their kids have grown up, and they've paid off their mortgage and other debts.

The average life insurance payout in the U.S. is about $168,000, according to Aflac. However, the payout of your life insurance policy will depend on the face amount (death benefit) you choose and any money accelerated, borrowed against or withdrawn from the policy prior to the payout.

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.

New York Life landed the spot as the largest life insurance company of 2023 with more than $13.2 billion in direct-written premiums and a 6.86% market share. It also paid $2 billion in dividends to policyholders in 2023.

Whole life is the more expensive option. Both your monthly premium and the death benefit are guaranteed, meaning they won't change over the life of the policy.

1. Lehman Brothers — over $115B. No institution sums up the massive plunge of the 2008 economic crisis like Lehman Brothers, when the shuttered investment bank underwent what is believed to be the largest insurance payout in history.