How does a modified endowment contract work?

InsuNews May 23, 2022

How does a modified endowment contract work?

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. Mar 7, 2021

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