Marisa, is a single parent. Her daughter Alana is 5 years old. Marisa is a manager with a technology firm. She has a whole life participating policy in the amount of $500,000 on her life and a limited pay participating whole life for Alana in the amount of $100,000. When Marisa purchased her policy, she included the waiver of premium for total disability.

At the time of purchase of Alana's policy, she included the parent/ payor waiver benefit.

What was her justification for including these additional benefits on the policies she purchased for herself and Alana?

Select one:

1)There is no waiting period and while the premiums are being waived on both policies, dividends will continue to be paid and cash values will continue to grow.

2) There will be a waiting period, the premiums will be waived, no dividends will be paid and cash values will be less.

3) The premiums will be waived after the waiting period and the dividends will be paid and cash values may continue to grow and all riders and supplementary benefits remain in force.

4) With the waiver of premium for total disability, benefits would kick in immediately once she became disabled and she would stop paying premiums, the same would apply to Alana's policy.