that is very true, ownership can be transferred and it is generally irrevocable and often goes to a trust or another separate identity.
But that is not what I was attacked about .. LaMudbug like many are under the misconception that Life proceeds are totally tax free. Unless onwership is xsferred as you say, the proceeds are another asset to an estate.
At one time it was not a big deal, even when the ceiling was 1.8 million instead of the 3.5 million now. But that was before IRA’s and 401 k’s came into being ... many retired under a defined benefit plan.
You can draw tax free from an IUL policy for up to 45 years if you structure the policy in accordance with IRS regs. However, you are correct about the beneficiaries based upon the value of the estate. Most people don’t have an estate of 3.5 million.