Simone is a successful physiotherapist. She is locking to borrow S$450000$ from her bark in ordes to esprd hes clinic on new premises The bank insists the loan be fully life insured. Simone applies for a ren de insurance pica but is declined. She therefore decides to repurpose a whole life insurance policy she's had or $12$ years and which she had purchased to secure the financial protection of her then infant children. The policy provides for a $5750350$ death benefit and currently holds a $$300,000$ cash value. Simone would like to restructure the polo$/$s ormertip to meet the loan requirements, but still continue to provide some financial protection for her ch$$dren$,$ even if the tien while indebted to the bankWhat could Simone do to achieve this goal?Name the bank as successor owmer of the policy. Assign the policy to the bank as collateral until the loan is repaid. Name the bank as irrevocable beneficiary of the policy.O Assign the policys cash value to the bank but retain ownership of the death beneft.