Phillip Cannella Media: Phil Cannella Explains an Immediate Annuity

Phil Cannella – Phillip Cannella Media: Phil Cannella understands the different types of insurance products available on the market and which ones are specifically geared to people in their retired years. It is because of this shrewd understanding that Phil Cannella is so successful in crash proofing the nest eggs of seniors.

Phil Cannella explains what an Immediate Annuity is in a very succinct fashion as follows: “An immediate annuity is known as an ‘income annuity’ for a reason.  It’s one of only two guaranteed income instruments that exist.  The other is a bond, which pays you a fixed income every month.  But unlike a bond wherein your principal is subject to market activity and will go up and down with the interest environment, your money from an immediate annuity won’t fluctuate with the interest rate climate.

“Immediately annuities are aptly named because theoretically you can draw income from the account just 30 days after the insurance company receives your principal deposit.  This is guaranteed income for a specified period of time, or in the case of immediate life annuities, for the rest of your life.  You can’t outlive it.  And if the insurance company, the source of this ongoing income, goes out of business, your income won’t stop.  Immediate annuities can also be known as Single Premium Immediate Annuities, or SPIAs.”

Phil Cannella utilizes an immediate annuity in his crash proof retirement planning when it makes sense based on the client’s needs.


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