Thanks for your nice note. I suggest you contact Byron Udell at Accuquote — at 800-442-9899. They are based right here in the Chicago area. If you are in good health, I’m sure he can find you a policy at a better price than employment continuation life insurance. And yes, likely 20-year term will be cheapest, but I trust Byron completely (he is the expert source in my new book coming out this fall).
As for the trust, you don’t need an irrevocable life insurance trust to hold this policy. That’s for huge estates, over $11 million. BUT, and being a police officer, (and by the way, congratulations on retiring healthy, and sincere thanks for serving our city), I’m sure you have kept your estate plan up-to-date. That might include a Revocable Living Trust, just to keep things easier to manage. Then you could make the trust the beneficiary, allowing your successor trustee to distribute the proceeds when/if it happens!