Among other factors, the difficult market environment with its sustained low interest rates triggers certain adjustments of investment and product strategies of life insurance companies and pension funds. In this context, the role of life insurance companies and pension funds as long-term investors has increasingly been discussed among the industry and financial market supervisory authorities. These discussions are often focused on the idea of trying to benefit from the possibility of long-term hold to maturity strategies partially based on assets providing a certain illiquidity premium. This idea is compared to alternative ideas regarding investment or resolution plans for life insurance portfolios, some of which are based on recent developments in quantitative finance. Furthermore, the link between investment plans and product design will also be briefly discussed.