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A mystery tech billionaire has just purchased the most valuable life insurance policy ever. It's worth $201 million.
The policy was sold by Santa Barbara, Calif.-based SG, a global advisory firm specializing in complex financial solutions for wealthy clients.
According to Guinness World Records, the $201 million policy beats the previous record for a life insurance policy—a $100 million policy for an unnamed American entertainer.
SG won't disclose the buyer's name. The company said the single policyholder is a well-known billionaire living in Silicon Valley who is involved in the tech industry, and $201 million would be paid out upon the buyer's death.
Dovi Frances, SG's president and founder, said no single insurance company holds the $201 million risk. He said the policy is split between 19 different companies and none hold "more than $20 million or so" of risk.
(Read more: Wealthy women are different. Here's why ...)
So why would someone buy such a big policy? Mainly for trust and estate planning reasons. By wrapping or pairing insurance products with trusts, insurance products can become an efficient way to protect assets from estate and other taxes. These tax-efficient insurance products have become increasingly popular with the wealthy as they seek to minimize their tax bills.
Frances said the policies have become especially popular in high-tax states like California.
(Read more: US millionaire count hits all-time high)
"It's all about trust and estate planning," Frances said. "Having a life insurance policy like this can protect significant assets."
(Read more: Zuckerberg may be the richest 20-something ever)
When SG began in 2010, it solicited new business with a direct mail campaign, which the billionaire answered and subsequently became a client.
—By CNBC's Robert Frank. Follow him on Twitter .