Phil Cannella – Phillip Cannella News: Phil Cannella has experienced first-hand what can happen to a family when someone is in need of long term care and no long term care insurance policy has been taken out on the individual. Phil Cannella experienced exactly this about 40 years ago now when his grandpa, who had worked all his life and finally went into retirement, suddenly came into need of long term care and went into a nursing home.
Phil Cannella remembers well what effect this had on his family as they had no long term care insurance for his grandfather and in order to deal with the mounting bills his dad had to take on three jobs.
The point Phil Cannella is making is that these types of situations can rip a family apart. If there is no money for a care facility often a family member ends up having to provide the care and this can be very taxing on the family. Another scenario, as Phil Cannella explains, is that the nest egg of a retiree can often be heavily eroded paying for such care.
Phil Cannella insists we look at long term care insurance as a solution to this problem for then both the family and the nest egg is protected.