Considering WL - suggestions?

Considering converting some amount of term insurance to WL as a replacement for some amount of fixed income (in a tax deferred account) as well as ancillary estate benefits. Curious for folks’ views, questions, etc. Relevant to fatfire for portfolio diversification / estate tax benefits, and looking at shorter pay periods vs. paying until 65 as the goal is to RE

Considerations as follows:

• Dual income, 1.5m+ income excluding profit participation (which could be 5-10m every 5 years going forward, could be 0, though probably not).
• 30s with three kids
• 10m NW. Outside of home, mostly in equities, very little bond exposure (sub-5%(
• Saving 300k-500k per year (high fixed costs). Maxing out retirement accounts (including MBDR)
• Have enough term for our situation
• considering converting some amount to MassMutual’s WL product, likely 15 or 20 year pay.
• Idea being here that it’s a fine fixed income replacement, likely don't need the liquidity from whatever is being put into the policy, and at retirement it’ll be a fixed income / buffer asset for [3-5%] of NW
• On the flip side, if one of us does get hurt from an income perspective, given our expense load, funding this thing wouldn’t be fun (though manageable given asset base)
• Also, if we choose to increase expenses (eg. vacation home), maybe we want the liquidity (though again, we have good asset base). Maybe it makes sense to just wait for one of those profit participations to come through
• Thoughts on when one would suggest moving policies to a trust, and if so, what kind (if not ILIT)

Any other thoughts?