21. Twenty five years ago, Mohamed opplied for and was issued a $100,000 permanemt life inturance policy. He named his two childiren ages five and aren as beneficiaries. Mohamed is now supporting his elderly father financially and he feels that his father will need the insurance benefit more than his children should Mohamed pre-decease him. What action should Mohamed take regarding a change of beneficiary? Obtaic his childrenis permission to change the beneficiary designation and designote his father as irrevocable beneficisry. Designate his fother as the irrevocable beneficiary and his children as secondary beneficiaries: Besignate his father as the primary beneficiary and his chaidren as contingent beneficiaries. Name his entate as beneficiary and use his will to allocate distribution of assets. 21. Twenty-five years ago, Mohamed bpplied for and was issued a $100,000 permanent life imsurance policy. He named tis two chlatrens agea five mad urren as beneficiaries. Mohamed is now supporting his eldorly father financially and he feels that his father will need the insurance benafil. more than his children should Mohamed pre-decease him. What action should Mohamed toke regarding a change of beneficiary? Obtain hill children's permission to change the beneficiary designation and designate his father as irrevocable bereficiary. Designate his father as the ifrevocable beneficiary and his chifiden as necondary beneficiaties. Dentignafe his father as the primary bineficiary and his children as contingent beneficiarien. Name his estate as beneficiary and uak his will to allocate diatribution of assets