For various reasons，domestic life insurance trust business started late. However，in the past two years，the mainstream insurance institutions have made efforts one after another. Life insurance trust may speed up in the coming years. By and large，the unfunded life insurance trust （version 1.0） is the mainstream business model，while the funded one （version 2.0） is in the stage of gradual trial. Under the version 1.0，the core business issues such as the identification of trust property，invalid beneficiary and litigation risk have been properly solved，and the version 2.0 also has a legal basis in China. However，the business logic of version 2.0 brings some challenges to the existing insurance business. If the version 2.0 is to be successful in the future，more innovation in the business may be needed.