Can the Life Insurance Policy be changed in a ILIT? ie. from Term to Whole Life or UL or VUL?

Answer 1

If the ILIT owns the policy, then generally it cannot be changed. The "I" in ILIT stands for Irrevocable. Check with whoever set up the ILIT to begin with

Answer 2

A policy itself is not an ILIT. An ILIT contains or owns a life insurance policy. Most policies will allow transfer of ownership, but if you are the current policy owner, you may still have incidence of ownership, possibly negating the advantages of an ILIT. See an estate attorney.

For the second question, see the convertibility options of your term policy.