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Life insurance

I have an old life insurance policy that I treat as family protection should I die (touch wood I'm not) it pays out cash. Should I have this 'in trust' now I have two small children? Can I do that even tho the policy is already in place? Or should I leave it as it stands as I am married. I think I need someone to tell me the benefits of policies being placed in trusr. Sorry if there is an obvious answer to my question.
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