1. Bea owns a life insurance policy on which she paid premiums for many years. Upon her death at age 89, her daughter Beulah collects $500,000. How much must Beulah include in Gross Income? See 101. 2. At age 74, Bea needs money and sells her life insurance policy to Investor for $100,000, who continues to pay premiums totaling $50,000 before Bea dies at age 89 and Investor collects $500,000. How much must Investor include in Gross Income? See 101