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in the 1970s many life insurance carriers took advantage of the tax-free growth their cash value policies provided by offering products that featured substantial cash value accumulation policy owners could withdraw interest and principle as a tax-free loan from these policies effectively making them large tax shelters Congress passed a technical and miscellaneous Revenue Act of 1988 tamra to counter this use and Tamara created the modified endowment contract MEC classification to avoid MEC status flexible premium policies must pass the 7 pay test which caps the amount that could be paid into the policy over a period of 7 years any policy that receives premiums in excess of those limits become a MEC new policies now include their own debt premium limits which expire after seven years the Met classification is irrevocable meaning the policy cannot regain its former tax advantages but unused cap space can accumulate for example if a policy has a MEC limit the first year of $5,000 and onl
