What Is A Lirp Life Insurance Retirement Plan? 
Life Insurance Retirement Plan or LIRP is a concept name many insurers use to describe life insurance as a supplemental retirement strategy . Life insurance , when properly structured , can provide you with income tax-free retirement distributions . You can access money from your policy in the form of loans and withdrawals . Withdrawals have the capability of being treated as a return of premium first , with policy gains being withdrawn in the form of tax-free loans . In addition , the death benefit is paid income-tax free to your designated beneficiary . 