HSBC Life Hong Kong issues most expensive life insurance policy

The Hong Kong insurer has issued policies worth at least US$50m over the past year.

HSBC Life Hong Kong has set a new Guinness World Record by issuing the most valuable life insurance policy ever sold, with a policy worth HK$1.9b (US$250m). 

The policy was issued to an Ultra High Net Worth (UHNW) individual earlier this year and was fully underwritten by HSBC Life. 

In addition to the record-breaking policy, HSBC Life also issued ten other policies valued at least HK$391.4m (US$50m) to individual customers over the past year.

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It is a whole life protection policy with wealth preservation and legacy planning features under the HSBC Life Paramount Global Life Insurance Plan.

The insurer said this reflects the increasing demand among UHNW individuals for life insurance solutions as tools for wealth transfer and legacy planning.