With almost half of U.S. households “at risk” of being unable to maintain their living standards in retirement, the cash values accrued in whole life policies can fill the gaps, according to one insurer.

The National Retirement Risk Index, a project of the Center for Retirement Research at Boston College, found that 45% of households risk falling short of the money they need to preserve their current lifestyle. When heath care concerns are added, the number “at risk” rises to 61%.

Faced with these possibilities, many retirees and pre-retirees are expecting, if necessary, on tapping the cash value of their whole life insurance policies, without tax or penalty, to support a shortfall, according to Massachusetts Mutual Life Insurance Co. Their policies’ cash values, which are guaranteed to grow, also can offer protection against the erosion of income caused by rising inflation, declining interest rates, and higher income tax rates, the insurer said.

MassMutual said whole life insurance is particularly well-suited for supplemental retirement planning as it creates flexibility that enables policyholders to address their needs and circumstances as they change over time.

“Guarantees are one of the many great aspects of whole life insurance,” said Tara Reynolds, corporate vice president for the U.S. Insurance Group for MassMutual, in a statement. “The death benefit is guaranteed; the premiums are guaranteed, and growth of the cash value is guaranteed. It’s a piece of your financial plan that you don’t have to worry about.”