As explained by Michael Godsoe, CEO of Langhaus Financial, life insurance is not just a “death benefit.” It’s an important tool that can help save money and transfer wealth, particularly for individuals with high net worth.

Throughout his 30-year career, Godsoe has observed some common misconceptions about life insurance products. For many, life insurance is merely a reliable, long-term way to make sure their loved ones are financially safe after they pass. While this is true, for wealthier individuals, there’s a lot more that life insurance can do.