When Phil Cannella got his start in the insurance industry almost 40 years ago, he was 21 years old and knew one thing for sure–he wanted to protect other Americans from the fate that befell his grandfather, Phil Cannella Sr.
This past weekend on The Crash Proof Retirement Show, Phil Cannella and Joann Small described how building a platform of truth, logic, and consumer advocacy has helped First Senior Financial Group to protect the nest eggs of over 4,000 area consumers.
“When you look back, when you first started working with people in retirement—would you have envisioned being here today, almost 40 years later?” Joann Small asked Phil Cannella.
“I was only 21 years old when I started,” Cannella remembered. “Do any of us really know what we’re going to be doing in life at any time—let alone at age 21?”
But Phil Cannella is doing exactly what he set out to do at age 21—protecting and educating people in or near retirement. The goal has always been the same; the means by which it is accomplished is what has changed over the years.
“My grandfather suffered a stroke after he’d been retired for only four months,” Phil Cannella remembered. “We watched as his medical care reduced his savings down to almost nothing. My grandfather passed away thinking he’d left us all impoverished.”
Phil was inspired by the realization that a person could work all their lives, only to have a medical event beyond their control take it all away. He promised himself he’d get to the bottom of fixing this system.
“Back in the 1970s, Medicare said they’d cover nursing home stays,” said Phil. “But even today, when people file a claim for a nursing home stay, Medicare only covers 3% of them.”
The other 97% of occurrences fall to the individual themselves to cover their custodial care. Phil Cannella traveled to the state capitol of Harrisburg, and found a policy that would cover custodial care, or nursing home stays.
“By August 1976, I was going door-to-door, selling nursing home insurance,” said Phil Cannella. “Little did I realize that I was uncovering my own key to success—believing in myself and what I was doing.”
Phil Cannella spent the 27 years pioneering the long-term care industry before turning his eyes to the safe alternatives to Wall Street’s world of risk and volatility. “As we all know, the stock market crashed in 2001-2002. This inspired me to investigate the industry. That’s when I found these Crash Proof investment accounts.”
Today, Phil Cannella considers the Crash Proof Retirement System to be the crown jewel of his career. But it’s only part of the story of his dedication to consumer advocacy.
Tune in to The Crash Proof Retirement Show every Saturday at 11 a.m. on Philadelphia’s number-one talk station, Talk Radio 1210 WPHT-AM. Listen as hosts Phil Cannella and Joann Small report on the pressing issues and news that affect your retirement.