Can I pay my personal life insurance policy using my pension plan assets

I know the answer is no but second guessing because someone is challenging that it can done.

I own the LI policy, not my plan and I want to pay with plan assets, the question how can I do that, policy is not owned by the plan

What am I missing here?

8 hours ago, Jakyasar said:

... policy is not owned by the plan.

What am I missing here?

Have you answered your own question?

Oh, I did but wanted to second guess myself and see what I am missing, if anything, sometimes I ask myself the question but no one answers (if they do then time to check into pension asylum)

1. Could take an in-service distribution, if available.

2. The one challenging is likely an insurance agent that "has always done it that way".

Thanks Bill

As suspected, no way other than having a taxable distribution or a loan, plan permitting.

I have seen policies bought by the plan for the spouse (not a participant) of the owner as an investment. the insurance agent, a good and trustworthy one, explained to me how it was done and being kosher. Cannot remember the details but seemed like a reasonable thing at that time. The policy was owned by the plan, that was the trick.

Well, if you are willing to have the policy owned by the Plan, the PLAN may purchase the policy from the participant, (you) under PTE 92-5. The plan will then own the policy and pay the premiums, within incidental limits, etc., etc. The Plan will be the owner and beneficiary of the policy, and the death benefits will be paid to the plan participant's (you) named beneficiary(ies) under the plan. 

I'm not commenting on the advisability (good or bad) of doing this, (well, I guess I am - my bias is that this is generally a bad idea, but that's an issue for you and your tax counsel). 

I haven't had anything to do with life insurance in a plan (thankfully) for so many years that my thoughts may be out of date. 

I am aware of all that but thank you (dealt with plans buying policies from individuals before but with proper supervision). Unfortunately, I have to deal with insurance in plans, how I envy you

Yuck. How I pity you!

Jakyasar:  As Belgarath outlined the Plan may (if the Plan allows) purchase the policy from the insured and in accordance with the PTE.  Despite the sentiment of many on these posts, the protection element of using life insurance, in some cases, makes sense.  However, if an individual is paying for the policy with discretionary dollars outside of the Plan, why put the policy in the Plan, unless the goal is never to distribute the policy out.

Thank you for your comments