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How to Modify Investment Contract

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when safety and liquidity are the most important factors for your money you want to keep it in an easy-to-access safe place that still earn substantial interest bonds money market and savings accounts give you historically low interest rates but you take what you can get because you want safety of principle with access to your money at takeno financial we are helping our clients earn as high as ten point five percent interest without downside risk and 100 percent liquidity through the power of modified endowment contracts or mechs so what exactly is a Mac a mech is a life insurance contract structured for maximum cash accumulation so how come you havent heard of mechs until now since the creation of Macs in 1988 they have been offered with similar terms to life insurance policies most docHubly large load fees and high surrender charges so if you wanted to take out your money you would end up forfeiting a large percentage to these fees without liquidity mechs were only used by t

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What triggers a modified endowment contract?

Simply put, paying too much in policy premiums too quickly will trigger a federal rule regarding life insurance. Your life insurance policy will be declared a modified endowment contract (MEC) and the tax benefits that accompany cash-value life insurance policies may be crimped.

What happens to a policy that becomes a modified endowment contract?

A life insurance policy that becomes a modified endowment contract still leaves a tax-free benefit to your life insurance beneficiary or beneficiaries. You will also continue to get guaranteed returns with less volatility than the stock market.

Is a modified endowment contract good?

Is a Modified Endowment Contract a Good Thing? Generally speaking, converting a life insurance policy to a MEC is not a good thing. This is because the MEC loses many of its prior tax advantages that were in place when it was classified as life insurance.

What happens when a life insurance policy becomes a MEC?

If your life insurance policy becomes an MEC, your life insurance coverage will not change. However, MECs can be taxed at 10% for early cash value withdrawals. Thats different from cash value accounts, which do not have a penalty for withdrawals.

What are the disadvantages of MEC?

In a nutshell, if your life insurance contract becomes a MEC, youll lose all the life insurance policy tax benefits that are otherwise available prior to payment the death benefit. That is a huge ugly deal for many people that invested in a permanent life insurance policy.

What is modified endowment contract?

A modified endowment contract (MEC) 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.

What happens to a modified endowment contract?

Under a modified endowment contract, the gains are withdrawn first, which are taxed as ordinary income. MEC withdrawals also typically incur a 10% tax penalty if you take out the money before turning 59 years old.

What happens when a policy becomes a MEC?

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.

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