25. Arthur is a life insurance agent. His client, Ciff, has a substantial whole llle poticy which he no longer needo as his children are self-tupporung Furthermore, he is no fonger willing to pay the premiurns on his policy because his monthly incorne has declined He asks Arthur witat arrangemens cam be made to dispose of the policy and provide him with some funds. What can Arthur do to meet Cliff's objectives and his own responsibilities? Araznge the sale of ciitfu polley to a third party for canh as a tox-free disposition. Arrange a coliateral assignment of the policy to a third party for cash. The lender will receive the total beneft at ciifin death tha free Determine from the insurer what amount Ciff would receive if he surrendered the policy. Recorrimend Cliff surrender the policy then replace it with a smeller one with a premium Cliff can afford. 25. Arthur is a life insurance agent. His client, Cliff, has a subatantial whole life policy which he no longer needs as his childree are seif-eupporieg Furthermore, he is no longer willing to pay the premiums on his policy because hin monthly income has declined. He asks Arthat what amangements ean be made to dispose of the policy and provide him with some funds: What can Arthur do to meet Cliff's objectives and his own responsibilities? Arrange the sale of cilfits policy to a thitd party for cash as a taxfree disposition. Arrange a collateral asisignment of the policy to a third party for cash. The lender will receive the total benefit at cilf's death tax free Determine from the insurer what amount cilf would receive if he surfendered the policy. Recoirimend Cliff surrender the policy then replace it with a smaller one with a premium Cliff can afford