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Phrases with «modified endowment contract»

A modified endowment contract refers to a type of life insurance policy that has been changed or altered to have more premiums paid than what is allowed by law. This change in the policy's structure leads to different tax rules and penalties that may apply. Full definition

Sentences with «modified endowment contract»

  • Certain cash value life insurance policies can become modified endowment contracts if they're paid - up over a shortened period, which can have negative tax implications. (valuepenguin.com)
  • Certain cash value life insurance policies can become modified endowment contracts if they're paid - up over a shortened period, which can have negative tax implications. (valuepenguin.com)
  • However, an extra cost can arise from withdrawals or loans from your SPL, since SPL policies are usually considered modified endowment contracts. (investopedia.com)
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