Phil Cannella Reviews, Phil Cannella Lawsuit, Phil Cannella Complaints
Phil Cannella understands how life expectancy tables play a major role in many insurance contracts. In life insurance for example, the life insurance company is guaranteeing a payment to your designated beneficiary upon your death. While there are complex calculations to figure out what your premium should be, one of the fundamental factors is a gauge of how long you are going to live. As Phil Cannella explains, while there is no way anyone can predict how long you will live, insurance companies can predict the average length of time a body of people similar to you will live. When they do so it gives them a basis upon which to determine your premium rate.
It is not just life insurance that requires life expectancy predictions. Some annuities similarly base certain factors on your life expectancy.
As Phil Cannella so wisely points out, in life insurance the insurance carrier is taking a risk that you may die too soon, hence not making enough money on you compared to the death benefit. With certain types of annuity the insurance carriers risk is that you live too long. With a life annuity that guarantees a set payment until you die, it will cost the insurance carrier more if you live beyond your life expectancy.
Phil Cannella is a true master of insurance and understands these products very well and educates consumers day in and day out on their benefits.