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The MEC and pitfalls of 10/90 policy design
For the vast majority of non-corporate users of whole life insurance policies, the modified endowment contract (MEC) is something to be avoided like the plague as it means losing nearly all of the tax advantages of whole life insurance. Like going from a cucumber to a pickle, once a policy becomes a MEC, it cannot be undone.
Join Doug and John, your New England area authorized IBC experts, for an explanation of this IRS classiciation of insurance policies as well as a brief dive into the controversial 10/90 policy design! Hint- we recommend avoiding the noise on social media and other platforms recommending this policy design. There are many reasons that NNI authorized practitioners don't issue these policies. Tune in to find out.
"This book is not about investments of any kind. It is about how one finances the things of life, which can certainly include investments. It is not about rates of return. As time goes by interest rates are up and interest rates are down- but the process of banking goes on no matter what is happening." - R. Nelson Nash, Becoming Your Own Banker, Unlock the Infinite Banking Concept.
Connect with Doug MacKenze:
Website: Control Capital Solutions
Email: [email protected]
Connect with John Fox Ward:
Website: Nash Cashflow - The Nash CashFlow Group
Email: [email protected]
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For the vast majority of non-corporate users of whole life insurance policies, the modified endowment contract (MEC) is something to be avoided like the plague as it means losing nearly all of the tax advantages of whole life insurance. Like going from a cucumber to a pickle, once a policy becomes a MEC, it cannot be undone.
Join Doug and John, your New England area authorized IBC experts, for an explanation of this IRS classiciation of insurance policies as well as a brief dive into the controversial 10/90 policy design! Hint- we recommend avoiding the noise on social media and other platforms recommending this policy design. There are many reasons that NNI authorized practitioners don't issue these policies. Tune in to find out.
"This book is not about investments of any kind. It is about how one finances the things of life, which can certainly include investments. It is not about rates of return. As time goes by interest rates are up and interest rates are down- but the process of banking goes on no matter what is happening." - R. Nelson Nash, Becoming Your Own Banker, Unlock the Infinite Banking Concept.
Connect with Doug MacKenze:
Website: Control Capital Solutions
Email: [email protected]
Connect with John Fox Ward:
Website: Nash Cashflow - The Nash CashFlow Group
Email: [email protected]