🍬Candy🍬 Posted June 5, 2019 Share Posted June 5, 2019 (edited) you cannot put all the money you want into a universal life policy. it causes it to MEC or become a modified endowment contract and will then be taxable by the IRS agents will fight you to the death over MEC policies individuals just dont understand it and arent willing to accept that they cant keep paying whatever they want i say its because its not a saving account where you can hide away all the money you want.. its a life insurance policy what i think i will start saying is this "at the rate you are paying, you will have paid more into the policy than it is worth".... How's that sound? yah.. i think thats good!! Edited June 5, 2019 by 🍬Candy🍬 Link to comment Share on other sites More sharing options...
PhilosipherStoned Posted June 5, 2019 Share Posted June 5, 2019 I know. Fuck insurance policies. Link to comment Share on other sites More sharing options...
Poof Posted June 5, 2019 Share Posted June 5, 2019 But otherwise they're not taxable? Link to comment Share on other sites More sharing options...
🍬Candy🍬 Posted June 5, 2019 Author Share Posted June 5, 2019 3 minutes ago, Poof said: But otherwise they're not taxable? no. you can put lots of money in it and what earns interest isnt taxable to your beneficiaries Link to comment Share on other sites More sharing options...
Poof Posted June 5, 2019 Share Posted June 5, 2019 Just now, 🍬Candy🍬 said: no. you can put lots of money in it and what earns interest isnt taxable to your beneficiaries All that stuff is too complicated for me 1 Link to comment Share on other sites More sharing options...
PhilosipherStoned Posted June 5, 2019 Share Posted June 5, 2019 3 minutes ago, Poof said: But otherwise they're not taxable? It really depends on the contract and who's doing the underwriting with those.. Link to comment Share on other sites More sharing options...
🍬Candy🍬 Posted June 5, 2019 Author Share Posted June 5, 2019 Just now, Poof said: All that stuff is too complicated for me isnt it? i really dont get why i seem to have a knack for it lol. .. like when in my life did someone sit me down and teach me all this stuff? when i was learning it in training it was extremely easy to understand it was like it was coming back to me. it was eerie but yah.. its not a savings account... it earns 3%... sitting there and not reporting overpayments to the IRS is extremely illegal... part of the reason is to prevent money laundering.. (criminal activity in which criminals try to make dirty money appear clean) Link to comment Share on other sites More sharing options...
🍬Candy🍬 Posted June 5, 2019 Author Share Posted June 5, 2019 6 minutes ago, PhilosipherStoned said: It really depends on the contract and who's doing the underwriting with those.. no it doesnt Link to comment Share on other sites More sharing options...
PhilosipherStoned Posted June 6, 2019 Share Posted June 6, 2019 (edited) Yes it does. Depending on the company...what kind of agent you go through.. and the company that finalizes the underwriting process someone could get riders put on a universal insurance plan that provides a lot more flexibility when it comes to the cash value of the account. Cash values on an insurance account are usually pretaxed on payout, but depending on the type of insurance theres contracts/riders that can get around the conversion into a mec a policy might have to go through.. at least at a given point. I mean if you're just saying there's a cash value threshold you can't cross in the contract.. It is a fixed rate and I get what your saying...but it does depend on the individual insured... the company underwriting, and a lot of other bullshit factors that made me bail out of being an insurance agent after passing the state exam for a company a few months earlier... the riders that might get someone around the conversion are stupidly specific.. but they exsist. I get business insurance , and the point and purpose of insurance in general. I just find the legal aspects pretentious, and too lenient towards insurance companies. Insurance is just not for me.. whether buying it or selling it.. unless it was for a business or something along those lines. Edited June 6, 2019 by PhilosipherStoned Link to comment Share on other sites More sharing options...
TrigunBebop Posted June 6, 2019 Share Posted June 6, 2019 I put all my money in a balloon stash policy, like a smart person. 1 Link to comment Share on other sites More sharing options...
lupin_bebop Posted June 6, 2019 Share Posted June 6, 2019 14 hours ago, 🍬Candy🍬 said: you cannot put all the money you want into a universal life policy. it causes it to MEC or become a modified endowment contract and will then be taxable by the IRS agents will fight you to the death over MEC policies individuals just dont understand it and arent willing to accept that they cant keep paying whatever they want i say its because its not a saving account where you can hide away all the money you want.. its a life insurance policy what i think i will start saying is this "at the rate you are paying, you will have paid more into the policy than it is worth".... How's that sound? yah.. i think thats good!! Yeah.......you explained that poorly as fuck. Link to comment Share on other sites More sharing options...
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