Phil Cannella Reviews, Phil Cannella Lawsuit, Phil Cannella Complaints
Phil Cannella warns consumers to understands the risks involved in a life only annuity while at the same time seeing its benefits. A life only annuity is a very specific type of annuity says Phil Cannella and for some it could be a godsend and for others it might be lousy. This is why Phil Cannella insists that any financial professional who really cares for his clients will find out what the goals and needs of his clients are before advising on products to offer.
As Phil Cannella explains a life only annuity is an insurance product that features a predetermined periodic payout amount until the death of the annuitant. The insurance carrier pays income for your lifetime. It doesn’t make payments to anyone after you pass away. These products are most frequently used to help retirees budget their money after retirement. Typically, the annuitant pays into the annuity on a periodic basis when he or she is still working. However, annuitants may also buy the annuity product in one large purchase. When the annuitant retires, the annuity makes periodic (usually monthly) payouts to the annuitant, providing a reliable source of income. When a triggering event (such as death) occurs, the periodic payments from the annuity usually cease.http://www.investopedia.com/terms/l/lifeannuity.asp
Phil Cannella explains that you might choose it if you have no dependents or if you have taken care of them through other means or if the dependents have enough income of their own.
A benefit Phil Cannella explains to clients is that with this type of annuity, if you live beyond your life expectancy you will continue to receive the same monthly payments until you die. The annuity provides a stable and predictable income. On the flip side, Phil Cannella warns that if you die sooner than expected, the insurance carrier keeps the money.