​Was it your intention to buy life insurance for the next generation?

Option #1:
Have your child or grandchild be the owner and beneficiary of the policy on your life and have them pay the premiums. Yes, you may be able to gift them the premiums.
 
Option #2:
Establish an irrevocable trust as the owner and beneficiary of policy on your life and have trust pay premiums. Yes, you may be able to gift them the premiums.
 
Option #3:
Establish an irrevocable trust as the owner and beneficiary and you and your spouse as the insured and have trust pay premiums. Yes, you may be able to gift them the premiums.
 
If the goal of a policy is a tax-free death benefit for the next generation, your goal is death benefit only, not cash accumulation. Therefore, it would be prudent to look into a survivorship policy also called a second to die policy for competitive options.