With regard to a whole life insurance policy, which of the following statements is/are true?

1. The policy is designed to provide both insurance and savings.

2. The premiums are relatively low in the early years and increase with each successive term.

3. The policy expires usually no later than age 75 or 80.

4. The policies can be participating or non participating

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 25 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.