FLAS THIS PAGE 23. Jonathan, a widower, plans to open a new business, the debts for which he will be personally responsible. He has two minor children and a niece whom he supports financially. He decides that prior to setting up the business, he will apply for one million of life insurance naming the three children as equal beneficiaries. He is concerned that if he were to die, that his creditors would seize the insurance benefits. How should the contract be structured so that it addresses his concerns about seizure by creditors? 0 His children and his niece are protected class beneficiaries, so no additional action is needed He should name his niece as an irrevocable beneficiary; his children are protected class beneficiaries He should make his estate as beneficiary and use his will to allocate assets to his children and niece. He should make his children and niece owners of the policy so it is not an asset he owns Choose 1 opbon NEXT