Is there a difference between a revocable trust and an insurance irrevocable trust?

There is a difference between a revocable trust and an insurance irrevocable trust.

You would only have an irrevocable insurance trust if your estate was worth more than a million dollars and you were doing estate tax planning for a specific purpose.

There are great limitations with irrevocable life insurance trusts, for example, most family members cannot serve as a trustee, therefore this is something no one should set up without getting good legal advice.