Should I Put an IUL on My Child if I’m Uninsurable?

I often get asked if it's a good idea to put an indexed universal life insurance policy on your child if the parent is uninsurable. A scenario I've come across is where a parent can't qualify for health reasons, so they purchase an IUL on their child and maximum fund it. The parent is the owner, payer and beneficiary and the child is just the insured. Is this a good idea?

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[brendonfausset]

If a client is already older and about to need RMDs but has too much money in their taxable accounts how do you feel about QLAC to defer some taxes further and lower RMDs to avoid SSI taxation

[FinancialGuyLou]

Does this apply for a spouse too? If a 50yr old male in uninsurable and his 49yr old wife has no issues would that work?

[WWIIPacificHistory]

Can the child refuse to take ownership of the policy if it’s over leveraged?