NU Online News Service, March 1, 2005, 5:42 p.m. EST
A Jersey City, N.J., finance business has introduced a “pre-approved credit facility” service for wealthy life insurance purchasers.[@@]
The finance business, A.I. Credit Corp., a unit of American International Group Inc., New York, says the facility can help borrowers finance the purchase of big life insurance policies without submitting annually updated financial statements and tax returns.
The loan is designed to mature upon death. Clients can pay annual interest “in advance or in arrears,” A.I. Credit says.