Ensure that you have sufficient cash reserves on hand, equivalent to at least six months' worth of your monthly expenses. Keep it in your fire safe for emergencies. Additionally, consider obtaining the maximum available death benefit from a term life insurance policy until you can switch to a cash-flow banking whole life policy.

Organize and manage your debt in a way that is feasible for you. Look for ways to increase your cash-flow through efficient financial planning.

Once your debt is under control and you have more cash available, allocate those funds towards a life insurance strategy that provides flexibility and allows you to use it as a bank.

Once you gain an understanding of how it functions, a whole life insurance policy can provide several benefits and can be a potent tool if it aligns with your circumstances. Some of its advantages include the ability to accumulate cash value within the policy, access your own funds instead of relying on a financial institution, and earn interest for yourself instead of paying it to the bank.