While most people are familiar with the basics of life insurance, there are many ways that this versatile tool can be used to benefit your clients. Some of the common uses for life insurance policies include providing financial protection against end-of-life expenses, such as outstanding debts and funeral costs.

But life insurance can be adapted to meet a variety of different needs, from long-term care coverage to providing a tax-free income source for beneficiaries. Here are five less common ways for your clients to use life insurance: