- quote -

my wife
- quote -

I find it distressing that he is offering to "SELL" the policy to you,
rather
than give it to you.
It most certainly is possible to do so though. It is called a TRANSFER of
OWNERSHIP. He must complete a "transfer form" provided by the company
(probably available on-line). Once that is received & recorded by the
company,
YOU then become the OWNER. You then have ALL of the RIGHTS in
the contract.
You would then name a New Beneficiary, and YOU would then have the "option"
to either pay future premiums, or permit the earnings to do so.
If you do write a check to your Dad, since it is a tranfer TO THE INSURED,
then
their is no "Transfer for Value" and NO Income Tax Penalty involved.

You do not mention the Face Amount, nor the amount of the Cash Value
Account.
Please keep in mind, that since the CVA is sufficient to earn enough
interest to be
able to pay future premiums, that would infer to me, that ANY & ALL premiums
that YOU might pay, would simply increase that CVA, earning addition INCOME
TAX DEFERRED income ! ! ! ! ! ! ! !
If you have any questions don't hesitate to write me.

Cal Lester CLU

I apologize in advance for slaughtering insurance terminology in this
post, but here goes...

My father has a UL policy on me. It has accumulated enough cash value
that the growth on the cash balance is enough to pay the premium. He
wants to sell the policy to me. Is it possible to do this? Would this
be accomplished by just changing the name of the beneficiary to my wife
(from my father) and just writing a check to dad?

Thanks,
-Will