FLAG THIS PA 8. Phillip contacts Superior Life to purchase a life annuity with funds from his non-registered account. He names his wife Joan as both the annultant (the We insured) and the payee. He also names his son Alex as the beneficiary, after establishing a 10-year guarantee period. Phillip wants Joan to receive monthly annuity payments, starting immediately. Which one of the following restrictions should Phillip be aware of? If Joan and Alex both die bere the expiration of the 10-year guarantee period, the insurer will keep the balance of the annuity O Joan can only receive her first payment after a three-month waiting period. Once payments begin, Joan cannot commute the annuity to a lump sum. O Phillip cannot proceed with the purchase, because the owner, the life insured and the payee of a non-registered annuity must all be the same person mase 1 option