Bob had a terminal illness and realized "he can't take it with him." Therefore, he cashed in his life insurance policy and received $120,000. He had paid $50000 in premiums on the policy. He used the money to fulfill his lifelong ambitions of going to the Super Bowl, driving expensive sport cars, and vacationing in Bermuda.

Was Bob's behavor consistent with the Congrssional intent in providing the tax exemption he was permitted to use?