Karen and John are newly married and meet with an agent to apply for life insurance on each of their lives, to ensure that the cost of theie new montgage and their funeral expenses are covered in the event of a premature death. They each apply for-a policy and wish to list the other as sola, urevocatile beneficiary, What should the applicants be made aware of regarding their beneficiary designations? The designations will only be irrevocable as long as they are legally married. Each will need written consent from the other to change beneficiaries in the future. Each can make their children beneficiaries without the other's written consent. The irrevocable designations won't prevent creditors from claiming the proceeds