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MEC & Non MEC Policies

EduTrainer Steve Savant coaches you through the basics of MEC & non MEC policies. Edutrainment Workshops: The Essentials for Life Insurance - MEC & Non MEC Policies Life insurance policies issued on or after June 21, 1988 may be defined as "modified endowment contracts" (MECs) if the cumulative premiums paid during the first seven years (7-pay test) at any time exceed the total of the net level premiums for the same period. Withdrawals from modified endowment contracts (including loans) will be taxed as current income until all of the policy earnings have been taxed. There is also a 10% penalty tax if the owner is under age 59½ unless payments are due to disability or are annuity type payments. Well-designed premium payment schedules can avoid the modified endowment contract treatment and retain the benefits which are unique to the life insurance contract. Order the Life Insurance Basic Entry Level Manual at [email protected] Download Lincoln Benefit Life's user friendly proposal software and follow Steve Savant as he teaches the basic concepts of life insurance at www.lblsales.com/etw EduTrainment workshops is sponsored by Lincoln Benefit Life, An Allstate Company