Phil Cannella Reviews, Phil Cannella Lawsuit, Phil Cannella Complaints
Phil Cannella tells his clients that there are so many different types of annuities out there on the market that it is very important that anyone who chooses one really understand what they are getting into. Phil Cannella explains that annuities are not for everyone and some annuities are plain bad. On the other hand, there are some annuities that do fit specific needs of consumers and knowing which ones these are is important.
In Phil Cannella’s educational discussion he might explain to you what is known as a “Joint and Survivor Annuity.” In its simplicity, it is an insurance product that continues regular payments as long as one of the annuitants is alive. A joint and survivor annuity must have two or more annuitants, and is often purchased by married couples who want to guarantee that a surviving spouse will receive regular income for life.
As Phil Cannella explains, annuities are generally used to provide a steady income during retirement.
Different types of joint and survivor annuities are available. For example, a joint and one-half annuity would reduce the payments to one-half of the original payment amount following the death of the first annuitant; and a joint and two-thirds annuity would reduce the payments to two-thirds the initial payment amount. A joint and survivor annuity is often appropriate for married couples who want to make sure the surviving spouse will continue to receive payments for life. This differs from other annuity products where it would be possible for a surviving spouse to outlive income payments.http://www.investopedia.com/terms/j/jointandsurvivorannuity.asp
Phil Cannella educates all consumers who come to him for assistance with their financial retirement planning and a big part of that education is understanding these products.