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Donald finds out from his doctor that he only has about 10 months to live.

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Donald finds out from his doctor that he only has about 10 months to live. He owns a $100,000 life insurance policy with a terminal illness benefit of $50,000. Donald has named Yvana as the policy's irrevocable beneficiary.

Donald wants to know whether he has to obtain Yvana's consent concerning the amount he will be paid as the terminal illness benefit. He would also like to know how much Yvana will receive after his death.

What should his insurance agent tell him?

A.

He does not have to obtain Yvana's consent. He will collect $50,000 before taxes and Yvana will receive $50,000 tax free.

B.

He does not have to obtain Yvana's consent. Both he and Yvana will receive $50,000 before taxes.

C.

He must obtain Yvana's consent. He will collect $50,000 tax free and Yvana will receive $50,000 before taxes.

D.

He must obtain Yvana's consent. Each of them will collect $50,000 tax free.

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