Based on the study of the connotation of the third pillar of pensions，this paper analyzed the different roles of commercial insurances as the third pillar of pensions around the world.Then，the paper introduced the ways of insurance participating in the management of old-age risks and concluded that roles commercial insurances playing in the third pillar of pensions differed widely across the world.There is no absolute superior mode of insurance taking part in the third pillar of pensions.Insurance and the third pillar of pensions are both closely correlated and distantly parted. The involvement of insurance in old-age risk management has various forms and contents and excels its role as the third pillar of pensions.We should extend the channels of preferential policies on individual pension account system in China by including multiple incentives such as financial subsidies and expanding the coverage of the preferential policies.We should also optimize individual pension account system to activate more effective incentives and attract more people to take part in the third pillar of pensions.Last but not least，we should develop insurance''s function of old-age risk management to provide diversified old-age risk management tools for our society.