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Good evening. No, the life insurance is not taxable to you. If you make a gift of $50,000 to your wife's daughter, $13,000 of it will be tax free under the annual exclusion amount. The remaining $37,000 is likely to be tax free unless because you can use a portion of your lifetime gift exemption of $1,000,000.
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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.