Life insurance is a contract between you and an insurance company that provides a death benefit to your beneficiaries if you pass away. This benefit can help replace lost income, cover debts, or provide financial security for your loved ones.

Whether you need life insurance depends on your financial goals, family responsibilities, and personal situation. If you have dependents, significant debt, or want to leave a legacy, life insurance can be a critical part of your financial strategy.

Annuities are financial products designed to provide a steady income stream in retirement. You pay a lump sum or series of payments to an insurance company, and in return, they provide you with regular payments over a set period or for the rest of your life.

Annuities can be a good choice for those looking to secure income that they can’t outlive, providing financial stability during retirement. There are different types of annuities—such as fixed, variable, and indexed—that offer various benefits and risks depending on your retirement needs.

The infinite banking strategy is a financial approach that allows individuals to “become their own bank” by leveraging the cash value in a specially designed whole life insurance policy. With this strategy, you can borrow against the policy’s cash value for personal or investment use while still earning interest on the full cash value.

The goal is to create a self-sustaining system that provides financial flexibility and control, allowing you to grow wealth while accessing funds as needed without traditional banking restrictions.

The amount you should save for retirement depends on various factors, such as your desired lifestyle, expected retirement age, and estimated expenses. A common rule of thumb is to aim to replace around 70-80% of your pre-retirement income annually.

Financial experts recommend saving at least 15% of your income throughout your working years, but the exact amount will vary for each individual. Tools like retirement savings calculators can help you estimate how much to save based on your specific goals and circumstances.

Yes, certain types of life insurance, such as whole life or universal life insurance, can act as investment vehicles. These policies build cash value over time, which grows tax-deferred and can be borrowed against or withdrawn (with certain conditions).

The cash value component can offer a conservative way to grow wealth and provide financial security. However, using life insurance as an investment requires careful consideration of fees, growth potential, and overall financial goals, as it may not yield as high returns as traditional investments but offers stability and insurance protection.