Question
John is thinking about naming his son, Erin, as an irrevocable beneficiary on a life insurance policy that he owns. If John proceeds with this
John is thinking about naming his son, Erin, as an irrevocable beneficiary on a life insurance policy that he owns. If John proceeds with this change, which of the following statements is true?
Question 34 options:
By naming Erin as an irrevocable beneficiary, John will protect the policy proceeds from any of John's creditors. | |
John cannot proceed with naming Erin, because only a spouse may be named as an irrevocable beneficiary. | |
The easiest method for John to effect the change to Erin as an irrevocable beneficiary is through a change in John's will. | |
Upon John's death, the proceeds of the policy will form part of John's estate with Erin eligible to receive the full value of the policy. |
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