When appropriate, you can use an insurance contract with a company where you pay money (a lump sum or series of payments) in exchange for growth... whether for a future stream of income (often for retirement) or simply protecting your principal savings and providing "no loss" protection growth . This helps turn a nest egg into a guaranteed income stream that can last for your entire life or a specified period. Money grows on a tax-deferred basis, and you can choose from different types, such as fixed (guaranteed interest rate), or indexed (linked to a market index), each with different levels of risk and potential rewards.