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

FAQs

What is the world record for life insurance policy? ›

The world's largest single life insurance policy has been taken out by an individual customer of HSBC Life in Hong Kong. This record-breaking whole-of-life policy boasts a US$250 million pay-out upon the anonymous policyholder's death and will paid to the individual's estate.

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 Life, our insurance business in Hong Kong, it was taken out by an individual customer earlier this year.

Can you cancel a life insurance policy at any time? Yes, you can, although the only way to get back all your premium payments is to do so during the initial “free look” period.

If you're unsure if someone has or had a policy, there are ways to find out, including looking at personal belongings, doing an online search, and contacting the Insurance Commissioner's office in your state.

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.

More than 90% of new agents quit the business within the first year. The rate increases to greater than 95% when extended to five years.

Which Is the Biggest Life Insurance Company in the U.S.? New York Life Group is currently the largest life insurance company by direct premiums written.

The average cost for a million-dollar life insurance policy is anywhere from approximately $50 to more than $1,000 a month, depending on your age, health, annual income, policy type and other factors.

The cash value within a whole life policy grows without income taxation for the individual. An additional benefit of life insurance compared to other assets is the tax treatment of the death benefits.

Do you get your money back if you cancel your life insurance? The answer to this is usually no. Protection insurance is a simple product that protects you financially against death and illness while you pay premiums. If you don't pay your insurance premiums, you aren't protected.

Can you ever cash out a life insurance policy? ›

You can cash out a life insurance policy. How much money you get for it will depend on the amount of cash value held in it. If you have, say $10,000 of accumulated cash value, you would be entitled to withdraw up to all of that amount (less any surrender fees).

Instances of lying, criminal activity, or dangerous behavior that's not disclosed upfront could all be reasons life insurance won't pay out.

You may purchase a life insurance policy to provide financial coverage for yourself in the event someone else dies. However, you must be granted permission by this person and be able to prove that their death would have a significant financial impact on your life.

If your sole primary beneficiary passes away, the death benefit would go to any contingent beneficiaries you named when you applied for your policy. In the event you didn't designate any contingent beneficiaries, the death payout would likely go directly into your estate.

When you're getting life insurance, the person whose life will be insured is required to sign the application and give consent. Forging a signature on an application form is punishable under the law. So the answer is no, you can't get life insurance on someone without telling them, they must consent to it.

Term life policies are generally sold in lengths of five, 10, 15, 20, 25 or 30 years. In some cases, you can find 40-year term life insurance. The longer the policy, the higher your life insurance quotes are likely to be.

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.

Highest face value: According to a popular insurance blog³, Jeff Rose, an insurance agent, wrote the largest policy with a $212 million face value and a $6,148,000 premium.

Limit of Human Life Value

HLV is based on your income and can go up to 20 times of annual take-home income.