McCain had to get life insurance before bank agreed to credit line

[Shine]

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/02/01/MNGMUQ8P4.DTL&type=politics
<snip>
In November, John McCain's presidential campaign was broke.

To survive, he offered his fundraising lists as collateral for a $3 million line of credit from a bank. But obtaining the loan required an unusual extra step: He had to take out a special life insurance policy in case he did not survive the campaign. (my emphasis)



Hmmmm.....
Interesting. I've never heard of such a thing before. Has anyone else??


He's not looking well and healthy, imo.

[no name no slogan]

1. It's actually somewhat common on big loans

I used to work in life/health insurance ten years ago, and sometimes we'd see applications for policies like this, especially if the insured person didn't have the collateral to cover the loan.

[Gman]

2. Credit crunch

nobody qualifies any more.

[Tuesday Afternoon]

3. standard procedure. n/t

[surfermaw]

4. Why would McCain need money, his wife is rolling in the stuff.

he married really really really well.