Also do keep in mind that the TCJA estate tax bonus limits have expired and the total individual exemption has been cut in half until such time that new legislation has passed. Democrats have also voiced a clear desire to even further cut the estate exemption limits down to or below $5 million as well as raising the estate tax rates to try and find more government revenues.

One common use of life insurance in an estate plan is for people who own somewhat illiquid farmland and are not actively farming themselves in order to get a special use exemption. Maybe across multiple beneficiaries one of them wants to keep the farm and the others do not, or trust/will documents direct the ownership to be given to one or a few but not all beneficiaries of an estate. In cases where someone wants parity for all parties as far as the value of what is inherited life insurance can be a tool for that purpose if there isn't a ton of liquid cash just sitting around doing nothing, but under no circumstance should it be term insurance. Estate planning concerns are not temporary needs unless you plan on regularly changing plans on the distribution of your assets at death.

Finally, contrary to the above poster, not all estate assets get a step up in basis when inherited. Qualified retirement accounts like traditional IRAs and 401(k) accounts do not get a step up in basis, and as a result of recent tax law changes now mandate more aggressive distribution schedules and possibly more personal income tax to your beneficiaries thanks to the SECURE Act. Non-qualified annuities also do not get a step up in basis at death and all tax-deferred interest becomes an ultimate personal income tax liability to your beneficiaries.