Phillip Cannella, The Annuity Expert – Phillip J Cannella

Phillip Cannella

Phillip Cannella, among the many different fields of insurance he is well versed in, is also the subject of annuities. Many people according to Phillip Cannella don’t really understand what an annuity is and so as an introduction it is worth explaining in brief.

Phillip J Cannella

In its simplicity, explains Phillip Cannella, an annuity is a contract between you and an insurance company in which you make a lump sum payment or series of payments and in return obtain regular disbursements beginning either immediately or at some point in the future. Annuities are most often bought for future retirement income.
One of the great features of an annuity, according to Phillip Cannella is that only an annuity can pay an income that can be guaranteed to last as long as you live. However, many people ask that if it is guaranteed to last as long as you live then that is a good thing if you live beyond your life expectancy, but if you don’t and you pass away early, what happens to your money?
That is a great questions says Phillip Cannella and is a concern he deals with many, many times when his clients ask him the very same question. Phillip Cannella understands annuities up one side and down the other and while 95% of them according to him are not good for the consumer, there are a handful that are good and these he discusses with his clients.