Phil Cannella explains that there are many different types of life insurance available on the market. There’s term life, whole life, universal life, variable life and combinations of each of these in one form or another. Phil Cannella isn’t too fond of the complexity of products that consumers face today in making a decision on their life insurance needs.
Phil Cannella makes insurance very easy to understand and breaks it down into simple and easy to understand parts. While Phil Cannella makes the point that term life insurance isn’t for everyone, he does emphasize that it is the least expensive form of life insurance and thus has a real benefit to many consumers, especially the ones who just need the insurance component. Phil Cannella explains that term life insurance coverage is the least expensive because it simply provides death benefits; it’s just pure insurance, plain and simple. Whole life products have an added investment component along with pure insurance or the death benefit function; these policies build cash value over time. It would seem like common sense that as you get older the cost of life insurance would become more expensive, yet Phil Cannella is still asked about it over and over again. This is very real to him as a result of the hardships he went through at school himself. When Phil Cannella was in his early years as a boy, he was put out in the hallway at school for his own deficiencies. That humiliating experience was enough to help Phil Cannella focus on the true benefits of education and focusing on helpful components in his Crash Proof educational events.
In essence, as Phil Cannella explains, as you get older there is a greater likelihood and a greater mathematical probability that you might pass away. To mitigate this risk, insurance carriers raise the rates for older people, the older the person, the greater the risk the insurance company has to assume. It’s all about giving a total education on all aspects of retirement.