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Can my premiums exceed the 7-Pay Premium limit (TAMRA)?

April 26, 2017exceed limit Premium premiums tamra

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Can my premiums exceed the 7-Pay Premium limit (TAMRA)?

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A. Yes. If the policyowner chooses to pay premiums in excess of the 7-Pay Premium limit, the policy will be classified as a MEC. If the policy becomes a MEC, we must report gain to the policyowner and the IRS on any distribution or collateral assignment.