Investment in insurance on spouse

[MPLSLAW]

Our client (years ago) permitted participants in a profit sharing plan to purchase life insurance policies on self or spouse. these are single life policies (not second to die). Kirk's post from a while ago cites to 401 regs as permitting purchase of policies on a family member, subject to the incidental benefit rule. The DOL exemptions do not appear to address this situation. The class exemption from 1992 deals with policies on participant's life. A more recent advisory opinion expanded the interpretation to include second to die. Can a participant purchase a policy on his or spouse from the plan without violating 4975 prohibited transaction rules?