Our industry has a product that is underutilized and underappreciated. It provides many of the benefits our seniors say they desperately need, yet it is rarely recommended by agents. In fact, I speak in places where agents haven’t ever heard of this product. This magnificent product is a modified endowment contract.
Simply stated, an MEC is a product that looks and acts like an annuity while you are alive and then transforms itself to look and act like life insurance when you die. A MEC is often referred to as a single premium life insurance policy. It can be a whole life, universal life, or variable life policy. It is a life insurance contract that is intentionally over-funded so that it can provide certain additional benefits for our prospects and clients.