My wife is trustee of my irrevocable life insurance trust . Should she also be the beneficiary of a new insurance policy?

You need to check the terms of the trust and the policy.  These types of trusts are done for estate tax purposes.  The trust is usually the owner, and sometimes also the beneficiary, and then the proceeds of the policy goes into the trust upon your death.  I would have to review the terms of the trust to determine who the beneficiary on your specific policy should be.  You can also check with the insurance person that sold you the policy.