Are you one of the millions of Americans who owns a permanent life insurance policy, or are thinking about getting one? You’ve probably done it primarily to protect your family and their future. But over time, many of those financial obligations may have ended. This is a great time to step back and reassess what your goals are moving forward and look at what you can do with this powerhouse tool to make your retirement more secure and enjoyable.

There are 3 unique ways that a permanent life insurance policy can open up options for you in retirement:

1) It can help protect you against the risk of outliving your assets.

These types of policies are incredibly powerful and can be built and structured in many different ways depending on what you need or want it to do.It can provide supplemental retirement income via policy loans and withdrawals.Having this option can take some of the pressure off of investment accounts, and provide a guaranteed growth and protection of the principal that investments cannot offer. Some offer long-term care benefits, or the option to annuitize the policy, converting it into a guaranteed lifelong income stream.

2) It can make leaving a legacy easy for you.

The Wall Street Journal said permanent life insurance is “a fantastically useful and flexible estate-planning tool”. This is because it is commonly used to pass on assets to loved ones. Policy proceeds are generally income-tax free and paid directly to your beneficiaries in a cash lump sum, avoiding probate and Uncle Sam in one fail swoop. The policy can also be used to pay estate taxes, ensure the continuity of a family owned business, or leave a legacy for your favorite charity or institution. If you do expect your estate to be taxed, you can also establish a life insurance trust, which allows wealth to pass to your heirs outside of your estate, generally free of both estate and income taxes.

3) It can maximize your pension.

While traditional pensions are quickly disappearing in America, those who can still count on this benefit in retirement are often faced with a choice between taking a higher single-life distribution, or a lower amount that covers a surviving spouse also. Life insurance can be leveraged to supplement and maximize a surviving spouse’s income so that you are getting the most out of your money.

So where do you start?

If you’ve had your life insurance policy for a while now, schedule a policy review with your life insurance agent or financial advisor. By the time you reach your 40’s and 50’s, you may have a mix of insurance coverage or even an executive compensation package. An agent can help you assess your situation and adjust a current policy or structure a new one to help you achieve the goals you have for retirement.

If you have no coverage at all, there’s no better time than today to get started as it can take time to build cash value in a permanent policy to a place where you can use them toward your retirement goals.

Already retired? The best thing to do is meet annually with an agent to make sure that the solution you have in place continues to meet your needs. Life changes, so can your coverage.

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