LLQP Exam Dumps | Ashley meets with her life insurance agent for a needs analysis. She wants her two kids, currently nine

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Question 108/126

Ashley meets with her life insurance agent for a needs analysis. She wants her two kids, currently nine and seven, to be well provided for in the event of her untimely death. Ashley is also concerned about the tax liability that her RRSPs will create for her children. Her need for life insurance is determined to be $800,000 to support the children and $50,000 for the tax liability.
Ashley decides to purchase a term life insurance policy to provide for her young children if need be, and a permanent policy for the tax liability.
How should Ashley set up the beneficiary designations?

A. Name her estate as the beneficiary of both policies.

B. Name the children, with a trustee, as the beneficiaries of both policies.

C. Name her estate as the beneficiary of the term policy and the children, with a trustee, as the beneficiaries of the permanent policy.

D. Name her estate as the beneficiary of the permanent policy and the children, with a trustee, as the beneficiaries of the term policy.

Correct Answer: C

Comprehensive and Detailed Explanation From Exact Extract:
For young children, atrusteemust be named to manage proceeds. For tax obligations, naming theestate simplifies settling liabilities such as RRSP taxes. LLQP outlines this structure as appropriate in combined term-permanent planning for dependents and estate tax planning.
Reference: Insurance Study Guides Chinese.pdf, Beneficiary Designations - Minors and Estate Tax Use

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