My grandfather purchased life insurance for myself & my sibling when we were born. Since we were minors, our father was designated as the policy owner. There is quite a bit of equity built up & the policy owner may take out a loan against it. Very recently my grandfather passed away & my father is still the owner. Now that my sibling & I are no longer minors, are we at liberty to change the policy owner & prevent the loan attempting to be taken against it?