Only one purchaser is allowed and that person is the owner of the contract. Unless the purchaser makes a written request either on the application or at a later date to allow another individual to receive account information, only the purchaser may receive information about the contract. If the contract is cancelled, the purchaser is the only one entitled to the refund. Anyone may make payments on a VPEP contract at any time, as long as the account number is included with the payment. Ownership of the contract can be transferred by changing the purchaser.
Written authorization is required from the current purchaser.
There may be tax consequences related to the transfer of a VPEP contract, so please contact a tax professional to determine the effect of a transfer on your individual situation. Under VPEP's newborn policy, you may enroll a child born after the close of the enrollment period.