NU Online News Service, Feb. 17, 2005, 2:10 p.m. EST
A New York company will be administering a checking account program that stores life insurance policy benefits for policy beneficiaries.[@@]
The company, BISYS Group Inc., has negotiated a multi-year contract with Prudential Financial Inc., that calls for BISYS to support 100,000 holders of Prudential Alliance checking accounts.
The 10-year-old account program provides an alternative for life policy beneficiaries who would rather not receive death benefits in the form of lump sums or annuity income streams.