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Should a new term life insurance policy be in my name or the name of my revocable trust?

I am married. Both my wife and I have rev trusts. For a new term insurance policy I think I want my name to be the proposed insured, my wife as beneficiary followed by my trust as the second or contingent beneficiary. What can yo tell me?

Public Comments

1. It's impossible to answer, without knowing what the purpose of the life insurance is, and what the purpose of the trust is.
2. There would be almost no purpose for a revocable trust to own a life insurance policy. Insurance already passes without probate which is the point of the trust. Having the trust a contingent beneficiary certainly makes sense, but your financial advisor would be a better suited person to ask that question to. If you have an estate tax issue, or if the life insurance would cause one then having an IRrevocable trust owning the policy would make sense.