Date: 9th July 2001
Hollywood mogul STEVEN SPIELBERG is officially the most valuable person on the planet - he's looking to insure his life for a record $1. 2 billion.
The legendary e.T. the Extra-Terrestrial (1982) movie-maker has stunned London's CITY financial institution after lawyers acting for his film company, DREAMWORKS, reportedly started making enquiries with brokers to find an insurance company willing to take on the life policy.
One insurance expert says, "It is more money than we've ever seen in the life market. He may not be the richest person in the world, but he is capable of making so much money that, to put it bluntly, $1. 2 billion is how much Dreamworks thinks his death would cost them. "
No other star's life insurance approaches that of 53-yer-old Spielberg. TOM CRUISE's lawyers are said to be seeking to insure his life for $500 million (£385 million), while MICK JAGGER, PAUL McCARTNEY and ELTON JOHN each have policies worth $100 million (£77 million). (KW/WNTMA)