Other Uses for Life Insurance You May Not Know About

There may be potential benefits to life insurance beyond its traditional uses, especially when it comes to taxes, estate planning and long-term care. Could life insurance play a larger alternative role in your retirement strategy?

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(Image credit: Getty Images)

Did you purchase a life insurance policy years ago to protect your loved ones? Just over half of adult Americans have a life insurance policy, and more say they’re interested in purchasing one. However, needs can change later in life when the kids are grown up and a retirement nest egg seems big enough to absorb financial shocks. Those nearing and in retirement may see less reason for their life insurance policy than when they first purchased it and may see the premiums they pay as burdensome.

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Disclaimer

Harlow Wealth Management is an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. Harlow Wealth Management Inc. is an SEC Registered Investment Adviser and an insurance agency registered with the state of Washington and other states. They do not provide tax or legal advice. Legal and tax advice should come from qualified professionals who can provide advice on these topics.

Disclaimer

Insurance guarantees are backed by the financial strength and claims-paying ability of the issuing company. Life insurance riders may be available for an additional annual premium; riders may not be available in all states. Life insurance policies are subject to medical underwriting, and in some cases, financial underwriting. Optional LTC benefits are NOT a replacement for long term care (LTC) insurance. Living benefits and LTC riders are not available on all index universal life products. Accelerated death benefits and LTC riders are subject to eligibility requirements.

Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Chris Harlow, CPA, Investment Adviser Representative
CEO, Harlow Wealth Management

Chris Harlow is a Certified Public Accountant and CEO of Harlow Wealth Management, serving metropolitan Portland and southwest Washington to help clients craft their financial strategies for retirement. Chris’ past experiences have instilled in him a dedication to guiding clients through tax and retirement strategies. He has passed the FINRA Series 65 securities exam; holds life insurance licenses in Washington, Oregon and Arizona; and has his CPA license.