Quote:
Originally Posted by Rick Lee
Again, it's a commodity. Nothing unique about it. You die, they pay.
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Are you talking about life insurance? Nothing unique? About 20 years ago I got wrapped up in some whole life or modified universal term bend over bull crap policy situation.
“You can put as much into this as you want and it grows tax deferred!”
So I did. And got a letter from the IRS detailing my transgression and the amount I owed, plus, penalties and interest.
“what happened? You said I could etc etc”
“Oh, you put in too much, that made it a MEC. Not tax deferred.”
“You said it was tax deferred, as much as I want. “
“Not if it’s a MEC”
“
YOU SAID…”
“Hey, I got a call on another line. “
I’m never touching life insurance again - of any type.