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Modified Endowment Contract (MEC)
       
 
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Modified Endowment Contract (MEC)

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Modified Endowment Contract (MEC)
A modified endowment contract or MEC is a life insurance contract
    
For federal income Tax purposes, it is funded in a way that violates the "7-pay" test under Section 7702A(b) of the Internal Revenue Code. In that case, lifetime distributions from the policy are taxed under less favorable annuity-like rules rather than the more favorable rules for distributions from non-MEC life insurance policies.
Posted by  Henley & Partners Group Holdings Ltd
 
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