Life insurance can be a versatile tool in retirement planning by providing income replacement, tax-free benefits, cash value accumulation, and long-term care options. It offers financial security for your beneficiaries in the event of your death, replacing lost income and covering final expenses. The death benefit is generally tax-free, making it advantageous for estate planning. Policies like whole life insurance build cash value over time, which you can borrow against or withdraw to supplement your retirement income. Additionally, some life insurance policies offer riders for long-term care, providing funds if you need extended medical care during retirement.