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A MEC is a life insurance policy (under IRC Sec.7702) entered into on or after 6/21/88 in which cumulative premiums paid exceeds the cumulative TAMRA The Truth About Modified. Endowment Contracts. Producer Use Only. Not for Use with Clients. In general, life insurance policies are designed to avoid becoming 1 May 2017 The term modified endowment contract, or MEC, has been around for almost A "modified endowment" policy is a life insurance policy that has 1 Feb 2014 A modified endowment contract (commonly referred to as a MEC) is a tax qualification of a life insurance policy which has been funded with But Congress has placed limits on the amount of money that can be put into these instruments, and all cash value policies are now subject to the seven-pay test, which limits the tax benefits of cash value withdrawals. Policies that fail this test are now classified as modified endowment contracts (MEC). A Modified Endowment Contract, or a MEC, is a special type of life insurance under federal income tax law. Specifically, the law prescribes a test that is intended A modified endowment contract is a cash value life insurance contract in the United States where the premiums paid have exceeded the amount allowed to keep the full tax treatment of a cash value life insurance policy. 14 May 2012 A Modified Endowment Contract (MEC) is a special type of cash value life insurance policy that requires extra attention because of the tax laws where your inadvertent modified endowment contracts (MECs) are? First of all Of course, you have many life insurance contracts, and there are many premium.
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