Maximizing insurance benefits involves understanding estate taxes and choosing the right ownership and beneficiary for your life insurance policy. Besides estate taxes, threats include probate, gift taxes, and financial mismanagement. Options for ownership include your spouse, a child, or an irrevocable life insurance trust (ILIT), which can protect proceeds from taxes and probate. However, ILITs are irrevocable and require relinquishing control over the assets. Consulting an estate planning professional is advisable before making decisions.