If you're concerned about having enough money to retire comfortably, there is a financial vehicle you may not have considered -- life insurance. Permanent policies like whole life and universal life, as well as another insurance product called annuities, may be just what you need for additional security.

Whole life policies, which have level premiums and a fixed death benefit, build cash value because your insurance company places a part of your premiums into its investment portfolio and pays a guaranteed return rate on the balance of the policy. Although you can't withdraw the money as easily as you could from a savings account, you can still obtain funds by either cashing out the policy or taking a loan from the insurance company against the policy. Just keep in mind that loans, unpaid interest on a loan, or cash outs will probably reduce the death benefit paid to beneficiaries and may not leave your beneficiaries adequately protected.

Universal life is another type of permanent policy that gives you cash value. Unlike whole life, the premiums, savings component and death benefit on universal life policies can be reviewed and altered as the policyholder's life circumstances change. In addition, universal life offers the attractive opportunity of using the interest from the policyholder's savings to help pay premiums.

Another popular option offered by many insurance companies is annuities. Like whole life, annuities allow cash to accrue, but they accumulate that cash faster because a portion of the money is not being used to pay for insurance claims. However, unlike permanent life insurance, you cannot take out a loan against an annuity or use it as collateral. Some experts still maintain that if you do not need the death benefit, you're better off going with an annuity to provide money for your retirement.

As you prepare for retirement, there are number of options open to you and each must be weighed carefully to come up with a long-range financial plan that is comfortable for you and your family.