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

His agent described him as a ``well-known billionaire'' and said that it took seven months and 19 insurance companies to finalise the deal that surpassed the earlier record $100 million policy of David Geffen in 1990.

Dovi Frances, the financial adviser of the billionaire said that no company could accept a $201 million charge. The Guinness Book of World Records said that the policy has surpassed Geffen's record on Thursday. Guinness officials spent about three months reviewing records, according to Frances.

Guinness has named Frances for selling the most expensive policy in the world, which is higher than United Kingdom life insurance salesman Peter Rosengard. Frances is president of Santa Barbara-based S. G and has become the salesperson who sold the most expensive policy in the world. Frances said that his client wants to remain anonymous in order to protect his privacy and keeping the news from his benefactors. He said that he purchased the insurance to help his heirs avoid paying a 45 percent inheritance tax upon his death.