Which of the following statements are true regarding life insurance purchased within a qualifed plan?

I. It cannot be the primary focus of the plan.

II. Premiums paid by the employer are taxable to the employee at the time of the payment.

II. To be considered incidental, a qualified plan cannot pay premiums for term insurance in excess of 10% of the aggregate contributions into the plan.

IV. To be considered incidental, a qualified plan cannot pay premiums for whole life insurance in excess of 20% of the aggregate contributions into the plan.