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Life Insurance for the Not-So-Silent MajorityLife Insurance for the Not-So-Silent Majority

Uses other than for estate planning.

Richard L. Harris

March 25, 2020

7 Min Read
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Almost every article published about life insurance in Trusts & Estates is focused on the ultra-high-net-worth (UHNW) individuals whose net worth exceeds $30 million. Those aren’t the majority of clients most of us see every day. It’s important to understand the uses of insurance for that majority. Some of these uses may also apply to UHNW clients, depending on their circumstances and concerns. 

Personal Decision

Whenever I meet someone for the first time and he asks me, “Why do I need life insurance?” I answer, “I don’t know if you do. Let’s talk.”1 (The real question is whether he wants life insurance.) Selfish people usually don’t buy life insurance. They don’t want to spend money on anything that doesn’t directly benefit themselves. Ot...

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About the Author

Richard L. Harris

Greenberg & Rapp Financial Group

Richard L. Harris is the managing member of Richard L. Harris LLC, a life insurance sales and consulting firm devoted to helping the very wealthy and their professional advisors deal with issues regarding life insurance. He works as a back office life insurance expert for many accountants, attorneys, and trust officers. With 40 years experience, Richard is a nationally recognized expert in the very advanced areas of life insurance. He brings together expertise and cutting edge ideas in designing and implementing solutions incorporating life insurance that integrate and address the issues at hand. Apart from acting as a life insurance strategist and purchasing agent for life insurance for the very wealthy, he is often consulted about fixing or improving advanced strategies using life insurance that have become problematic because of legislation, poor performance, or change in circumstances. Richard consults on proposed advanced strategies using life insurance providing second opinions on the viability of the transactions. He also provides litigation support both forensically and strategically and serves as an expert witness regarding sophisticated life insurance transactions. Richard is a graduate of Long Island University where he majored in Accounting and Literature. He holds the professional designations of Chartered Life Underwriter, Registered Trust and Estate Practitioner, and Accredited Estate Planner. He is Chair of the Insurance Committee of Trusts & Estates Magazine, on the Editorial Advisory Board of Wealth Strategies Journal, a Contributing Editor to Private Wealth Magazine and is listed in Who's Who in Finance and Industry. He also serves on the Board of the Northern New Jersey Society of Financial Services Professionals and the Advisory Board of HighCap Financial.