"Life insurance can be the ultimate financial swiss army knife. It has a multiplicity of uses, and if you use it properly you can do some great stuff with it, but if used inproperly you can cut your hand off," says Joe Templin, managing director of Unique Minds Consulting Group.

Indeed, life insurance is best known as a product that can protect a client's family and help them maintain their economic well-being when the client dies. But life insurance can do much more than that. Financial advisors are helping their clients set up life insurance plans that will aid in their retirement goals, too. Life insurance can provide cash benefits, serve as a second source of income for a spouse, or provide an opportunity for annuitization.

Extending enjoyment in retirement