7 Pay Test Explained for Life Insurance

In today's Better Wealth Breakdown, Dan and I reflect back to our last episode where we spoke on the MEC Modified Endowment Contract and now we discuss part 2 which is the 7Pay test. As defined the 7pay test determines whether the total amount of premiums paid into a life insurance policy within the first 7 years is more than what was required to have the policy considered paid up in 7 years, policies become MECs when the premiums paid to the policy are more that what was needed to be paid then the 7year time frame. It’s clear as mud!!! Listen as Dan and I break down this definition and how policies can be created to be efficient using the 7pay test.

#BetterWealth #7PayTest #MEC

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Caleb Guilliams

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