The Death Benefit Is Included in Your Taxable Estate

We are considering naming our children as the beneficiaries of these hoy policies than increasing the death benefit so that the annual premiums is roughly the annual give tax exclusion. Do you see this as a reasonable gifting strategy? There is a risk of defaulting on the payments due to unforeseen financial circumstances in the future, or the insurance company going bankrupt. We would look at advance estate planting for people probably in their, what, seventies? Igre its way tely.