Selling personal Insurance to a corporation

A buddy of mine was telling me over the weekend that he sold his personal life insurance to his corporation as there is tax benefits for it. I understand the tax benefits for it, I'm trying to figure out how to do it though. Is this something my accountant is supposed to know how to do or am I going back to the insurance guy?

Also - can I put my wife's life insurance in there as well? Are there any extra steps that are needed to make that happen?