Life insurance and collectibles are restricted items pursuant to IRS Code 4975. Collectibles include:  antiques, works of art, metals (with the exception of gold, silver and palladium bullion), rugs, gems, stamps, coins, alcoholic beverages, and other tangible items of personal property as defined by the Secretary of Treasury.

IRC 4975 also defines disqualified persons as those persons and entities are prohibited from doing business with your IRA.