In this episode of The Matt Feret Show, I interview financial consultant John Ensley. He shares his philosophy on using life insurance as a financial planning tool and how to “bank on yourself,” a concept which involves using whole life insurance policies as a way to save, borrow, and invest. We discuss the benefits of these policies, such as high cash value, low commission, and dividend payments, and how they can be used to achieve financial objectives without taking unnecessary risks. John also addresses common detractors of this approach, such as the \"buy term and invest the difference\" strategy, and emphasizes the importance of seeking out advisors who are knowledgeable about these types of policies. We talk about the potential use of life insurance policies in long-term care planning and the concept of \"family banking,\" where multiple generations pool their assets and savings to create a financing resource within the family. Overall, John highlights the versatility and benefits of using life insurance as a tool for financial planning. Watch the full episode on YouTube.
1:36 - Intro
2:51 - Explaining \"bank on yourself\"
10:23 - The banking equation
25:30 - Life insurance and retirement
31:00 - Family banking
47:39 - What to look for in a financial advisor
51:00 - Policy loan
Connect with me via the podcast website, LinkedIn, Facebook, and Instagram.