It’s not too difficult to create an “empty” trust - often called a “pour-over” trust, with a bank or someone you trust as trustee and your children as beneficiaries. Then you name the trust as beneficiary of the insurance policy. The proceeds of the policy will then “pour-over” into the trust for the benefit of your children. When they reach majority, you can continue the trust, or, if you trust your kids, make them direct beneficiaries of any insurance.