An insured has a Modified Endowment Contract. He wants to withdraw some money in order to pay medical bills. Which of the following is true

An insured has a Modified Endowment Contract. He wants to withdraw some money in order to pay medical bills. Which of the following is true


A) He will not have to pay a penalty, regardless of his age.

B) He cannot withdraw money from his MEC before age 59½.

C) He will have to pay a penalty if he is younger than 59½.

D) He will have to pay a penalty regardless of his age



Answer: He will have to pay a penalty if he is younger than 59½

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