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What if my policy is a modified endowment contract (MEC) and I wish to request a loan, partial withdrawal, or dividend withdrawal?

April 26, 2017contract endowment loan MEC modified partial policy request wish withdrawal

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What if my policy is a modified endowment contract (MEC) and I wish to request a loan, partial withdrawal, or dividend withdrawal?

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A. A signed written request including tax election or a completed Policy Cancellation and Disbursement form (Non-New York) or (New York) is required. Disbursements from a policy that is a MEC may incur a tax penalty. Please consult a tax advisor for more information on these penalties.