A client should have adequate cash reserves in case of an emergency after the purchase of a Portfolio Income Annuity. Which of the following statements is true of total net worth or liquid net worth guidelines? The initial premium may be up to 50% of the client's total net worth if the deferral period is less than 10 years. The initial premium may be up to 25% of the client's total net worth if the deferral period is greater than 10 years. The client should have at least a liquid net worth of 2 months' annual income after the purchase of the annuity. The initial premium may be up to 75% of the client's total net worth if the client's net worth is greater than $500,000