The current generation of retirees is outliving previous generations -- and outliving the cash value of their life insurance -- according to Midland National Life Insurance, which is offering a look at ways to reduce financial risks during retirement. 

In a recent series of YouTube educational videos, Midland National takes a look at the benefits of life insurance, which include death benefits and cash assets the policy has built to use for supplemental income or serious illness.

"Life insurance is unique for its ability to provide cash at the time that it might be needed most, when income is interrupted due to death," the video said. "Life insurance can provide needed cash so that beneficiaries can take their time to sell liquid assets such as a business or real estate."

Another problem, according to Midland National, is seniors outliving their assets.

"Any cash value that a life insurance policy builds can be used to supplement income should you begin to outlive your cash assets," the video said. 

Also according to Midland National, people may be living longer, but not necessarily be healthier, which is also where life insurance can help.

"An accelerated death benefit can provide cash for serious illness without liquidating assets," the company said in its video. "It allows the policy owner to receive a portion of the death benefit if the insured has been diagnosed with a qualifying illness."