Given each scenario below, please indicate whether life insurance is needed, if so, what type (term, whole life, Universal or Variable Universal) and why?

Ben and Jackie are in their 70s, and both retired. They have successfully transferred their family business to their children, Holly and Ben Jr. In addition, they have already paid off their mortgage for their vacation condo. They have a current net worth of $13 million dollars and are concerned with Estate Taxes.