Phil Cannella – Phillip Cannella Blog: Phil Cannella educates Americans about using long term care insurance to ensure the protection of the nest egg they have worked so hard for.
Following a health catastrophe that drained his grand pop’s retirement fund shortly after he retired, Phil Cannella dug deep and discovered that the insurance industry has several good policies and many not-so-good policies. He suggests each retiree acquire a long term care policy that will cover extended nursing home stays and home care. With the right consumer-driven policy, seniors can gain protection from financial ruin due to catastrophic health issues.
As he explored insurance policies furthur, Phil Cannella wondered how you know the insurance company will still be in business many years later at a point when you might need to cash in on your policy. What he discovered in doing his research is that insurance policies are secure because, by law, they must operate under a statutory accounting system. They are obligated to reserve dollar for dollar any investment monies taken from consumers for financial instruments or products to cover anticipated payments, or they must reinsure their policy contracts (nursing home insurance, life insurance, etc.) with a reinsurance company. Insurance companies insure us, and reinsurance companies insure the insurance companies’ accounts.
You have nothing to lose with the right long term care policy, and Phil Cannella reveals how to choose the best policy in his book, Crash Proof Retirement: The Planning Isn’t Over. Don’t wait until it’s too late like it was for his grand pop; cover yourself now so you can enjoy your retirement for the rest of your life.
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