What is true about a modified endowment contract?
A modified endowment contract (MEC) is a designation given to cash value life insurance contracts that have exceeded legal tax limits. When the IRS relabels your life insurance policy as an MEC, it removes the tax benefits of withdrawals you can make from the policy.
Which of these statements best describes a modified endowment contract?
The statement which describes a modified endowment contract is this: 'Exceed the maximum amount of premium that can be paid into a policy and still have it recognized as a life insurance contract.
What are the disadvantages of MEC?
The primary drawback of a MEC is the policy loses most of its tax benefits while alive. The other drawback is the death benefit is limited.
Which of the following is not true about adjustable life insurance?
Which statement concerning an adjustable life insurance policy is FALSE? Initial premium is lower than for an equivalent amount of term insurance -Correct. The initial cost of whole life insurance is actually HIGHER than an equivalent amount of term insurance.
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- which of the following statements about a modified endowment contract (mec) is false