Under the limited facts provided, this sounds like it would work just fine. If set up properly, the insurance might never be part of the taxable estate for estate tax purposes, (such as in an irrevocable life insurance trust).
It almost goes without saying, but you would want all of this set up by an attorney. This is more complex estate planning to start with. It is too easy to miss something and have your entire intent undone.
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I agree with attorney Frederick and concur that you definitely need an attorney to help set this up correctly.
The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.