Phil Cannella – Phillip Cannella News: Phil Cannella realized early on that the average consumer did not understand the financial products available to him or her to invest in. He also realized that bad press about the industry as a whole and insurance agents without scruples have had a hand in destroying the reputation of some otherwise real good insurance products, including most specifically annuities.
How Phil Cannella explains an annuity is actually pretty simple: “Annuities aren’t as intimidating as you might think. Take, for instance, our country’s state lotteries that pay out huge amounts of money to winners. They give you a choice – do you want it in one lump sum or in payments? Well, guess what that second option is – it’s an annuity that pays out over a 20 or 30 year period. An annuity, very simply put, is a series of payments disbursed over time.”
Where annuities go wrong or can go wrong as Phil Cannella explains is if the financial advisor is out to make a good commission rather than operate in the best interest of the client. Insurance agents putting their clients into products that are not necessarily the best for them but paid the agent well is one of the reasons annuities have gotten a bad name.
Phil Cannella points out that understanding the different types of annuity is very important as well as within the main types the many different individual annuities offered by insurance carriers that make the most sense for the client.