Phil Cannella – Phillip Cannella News: Phil Cannella is strongly opposed to variable annuities and is very vocal about it. Rightly so quite frankly as these financial products are not always well explained to the consumer who then gets locked into one and ends up paying the price. Phil Cannella explains some of the fees associated with these products and it is quite appalling really.
When you lock yourself into a variable annuity, you’ll also have the insurance company to contend with and its own set of fees, called Mortality and Expense or M&E fees, which can run anywhere from 1¼% annually to as high as 5% or higher in many cases. You see, most variable annuities promise that if you die while you own the annuity, your heirs will receive the larger of the account balance or the premium you paid. So, your heirs won’t receive any less than you put into the annuity. That’s what the Mortality fee is for. The Expense fee is simply the insurance company’s profit. And these fees will automatically come out of your account no matter if your variable annuity increases or decreases in value in any given year.
Phil Cannella asks why on earth someone should be put into a product with all these fees when there are other products out there that can do much better with less fees. This is a core principle behind Phil Cannella’s crash proof retirement system that delivers real results without having to be tied to the stock market in any way.
Phil Cannella urges consumers to get educated and informed so that they can make wise decisions for themselves with regard to their finances.
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Phil Cannella – Champion of Consumer Advocacy
With the uncertainty and volatility of the market, Phil Cannella, with First Senior Financial Group, prides himself on ensuring a safe retirement future for senior consumers. With an unparalleled devotion to educating seniors, Phil Cannella works endlessly to know and understand the ever changing tax laws and economic changes that can adversely affect one’s nest egg. Thousands of senior citizens have gone through First Senior Financial Group’s education process and learned how to have up to an 85% tax free retirement income.
As if that isn’t reason enough to respect Phil Cannella, the truly amazing thing about how he runs First Senior Financial Group is that he never takes a dime from the seniors who come to him to be educated. Everything he teaches and everything he offers comes free of charge. That is the true mark of a consumer advocate, someone who cares enough to help you without asking for anything in return.
http://www.philcannellaiii.com/