List of Consumer Regulatory Agencies in FLA, PA, NJ and Del.

Intelligent Research for Consumers in Florida, Pennsylvania, New Jersey & Delaware.

Verify your advisor at www.BrokerCheck.com

Florida   Department of Insurance
David Altmaier
Insurance Commissioner
Florida Office of Insurance Regulation
Office of Insurance Regulation’s Long Range Program Plan
200 East Gaines Street, Tallahassee, FL 32399
(850) 413-3140
http://www.floir.com/

FINRA (Florida)

District 7 – Boca Raton 5200 Town Center Circle, Suite 200

Boca Raton, FL 33486

(561) 443-8000

Fax: (561) 443-7995

Yvette Panetta, Deputy District Director
Daniel M. Sibears, Exec Vice President and Acting Regional Director

Florida, Puerto Rico, Panama and the Virgin Islands

See more at: http://www.finra.org/industry/finra-district-offices#district7B

Florida Better Business Bureau

4411 Beacon Cir Ste 4, West Palm Beach, FL 33407

Phone: (561) 842-1918

State of Florida, Office of the Attorney General

Pam Bondi, State of Florida Attorney General

1515 N. Flagler Drive, Suite 900West Palm Beach, FL 33401

Phones: (561) 837-5000

Fax: (561) 837-5099

www.myfloridalegal.com

The Florida Senate

Senator Lizbeth Benacquisto
Party: Republican
District Office
2310 First Street
Unit 305
Fort Myers, FL 33901
(239) 338-2570
Senate VOIP: 43000

http://www.flsenate.gov/Senators/S30

 Pennsylvania Attorney General

Josh Shapiro

www.attorneygeneral.gov

Pennsylvania Office of Attorney General

16th Floor, Strawberry Square

Harrisburg, PA 17120

Phone: (717) 787-3391

Fax: (717) 787-8242

New Jersey Attorney General

Christopher Porrino, NJ Attorney General

www.state.nj.us/lps/                Email: askconsumeraffairs@lps.state.nj.us

8th Floor, West Wing

25 Market Street

Trenton, NJ 08625-0080
Phone: (609) 292-4925

Fax: (609) 292-3508

Delaware Attorney General

Matthew Denn, DE Attorney General

www.attorneygeneral.delware.gov/                Email: Attorney.General@state.DE.US

114 East Market Street

Georgetown, DE 19947

Phone: (302) 856-5353

Fax: (302) 856-5369

Pennsylvania Insurance Commission

Teresa Miller, Insurance Commissioner of Pennsylvania Department of Insurance

https://www.insurance.state.pa.us/dsf/complaintform.html

Producer Licensing Services Division

Bureau of Licensing and Enforcement

1209 Strawberry Square

Harrisburg, PA 17120

Phone: (717) 787-3840

Fax: (717) 787-8553

State of New Jersey Department of Banking and Insurance

Richard Badolato Commissioner of Banking and Insurance

http://www.state.nj.us/dobi/index.html

P.O. Box 325

Trenton, NJ 08625

commissioner@dobi.nj.gov

Delaware Department of Insurance

Trinidad Navrro, Insurance Commissioner

consumer@state.de.us

Bureau of Captive and Financial Insurance Products

704 King Street

Wilmington, DE 19801

Phone: (302) 674-7310

Better Business Bureau of Pennsylvania

BBB of Metro Washington DC & Eastern Pennsylvania

http://www.dc-easternpa.bbb.org         Email: info@mybbb.org

1880 John F. Kennedy Blvd, Suite 1330

Philadelphia, PA 19103

Phone: (215) 985-9313

Fax: (215) 563-4907

Better Business Bureau of New Jersey

http://newjersey.bbb.org         Email: info@trenton.bbb.org

1700 Whitehorse Hamilton Sq. Road, Suite D-5

Trenton, NJ 08690-3596

Phone: (609) 588-0808

Fax: (609) 588-0546

Better Buiness Bureau of Delaware

http://delaware.bbb.org           Email: info@delaware.bbb.org

60 Reads Way

New Castle, DE 19720

Phone: (302) 221-5255

Fax: (302) 221-5265

FINRA (Pennsylvania)

Robert B. Kaplan, Director

www.finra.org

1835 Market Street, Suite 1900

Philadelphia, PA 19103-2929

Phone: (215) 665-1180

Fax: (215) 496-0434

Phil Cannella will Crash Proof & Protect Your Retirement Savings

Phil Cannella, the founder and Creator of the exclusive Crash Proof Retirement System has spent most of his career being a consumer advocate by educating everyday Americans about retirement options that protect retirement savings from the risk, fees and corruption of Wall Street and the securities industry.  It is Phil Cannella’s professional estimation that people in or near retired years don’t want to take chances with market volatility, but instead want stability, guarantees and peace of mind. That is why Crash Proof Retirement’s Phil Cannella and CEO Joann Small say the choice is simple—avoid risk investments and the industry that houses them in your retirement years.

The Crash Proof Retirement System does not utilize securities. In fact, the proprietary Crash Proof Retirement system utilizes, among other things, investment vehicles that are found within the Insurance Investment industry (often referred to as the “brick house” industry by Phil Cannella.)  The reason is that in nearly 300 years, insurance companies have withstood financial calamities from the American Revolution to the Great Depression and most recently, the Great Recession.  This is because insurance companies cannot go into bankruptcy.  Instead they go into “receivership” which is a condition within the insurance industry that allows life insurance institutions to enter into an agreement where if one institution were unable to continue its business, the remaining organizations work together to assume the liabilities and responsibilities of the affected company.  Phil Cannellla says that because of the strength of the insurance industry “there is no better place to start your retirement future than in the brickhouse/insurance industry.”

Phil Cannella’s Crash Proof Retirement System has helped Crash Proof the retirement savings of over 5,000 people whose retirement futures are now safe. One of those Crash Proof consumers is Al Butikis – a retired welder- who after losing much of his savings in traditional investments, decided to Crash Proof his retirement. Al sought a better option. He loved the idea of having his principal 100% protected, but left open the possibility of making double digit gains that was credited as interest. All of it without worrying about the volatility on Wall Street.   After learning more at a Crash Proof educational event, Al decided for himself to get a “one-on-one education” at Crash Proof Retirement. Al became Crash Proof in 2007—just before the great recession, and never worried about his money during the crash.  He still doesn’t worry about his life savings because he knows his nest-egg is safe and secure in the exclusive Crash Proof Retirement System. Today Al enjoys peace of mind, and in his words:

“Phil Cannella and Joann Small are like a godsend. I don’t think you can match this anywhere else. My wife and I are grateful for the opportunity to get into some of these investment vehicles and get decent returns on our money. We’re happy and looking forward to the future.”

These are words you cannot make up and these feelings are echoed by the over 5,000 Crash Proof consumers who learned that there is a true, guaranteed alternative to the risk, fees and corruption of the securities industry.

 


Philadelphia says “good-bye” to Wells Fargo as Payroll Handler

Wells Fargo has been hit with another major setback and it’s all due to the scandal that the banking giant has been embroiled in regarding millions of phony accounts.

Philadelphia City Council has decided to get rid of Wells Fargo as its payroll supervisor of the city’s $2 billion dollar payroll account beginning at the start of the new fiscal year on July 1st.

City officials did not say directly that it was severing its ties with Wells Fargo because of the banking scandal in which 2 million fake accounts were established to unknowing customers by unscrupulous employees of the bank.  Sales people were encouraged to enroll as many unsuspecting consumers as possible in as many accounts as possible.  Some customers had as many as 8 new accounts established under their names without their knowing.  More than 5,000 Wells Fargo employees were fired as a result of the disgrace, and the 2nd largest bank in the United States was fined $185 million dollars.

City Councilwoman Cindy Bass said about today’s move by the city-

“Time and time again the actions by Wells Fargo have revealed them to be the opposite of corporate social responsibility. Thanks to the colleagues on the committee for doing the right thing and sending a message (to the banking industry) that we will not do business with companies that engage in unethical business practices.”

The city of Philadelphia will turn to Citizens Bank to be in charge of its payroll.

The Los Angeles Times has produced an information video to better understand the recent improprieties by Wells Fargo.  Watch below.

Phil Cannella is the creator of The Crash Proof Retirement Show, which broadcasts across the CBS Radio Network (2.3 million listeners in Philadelphia) as well as NewsTalk 850 in South Florida.

Talk Radio 1210, Saturdays at 11am and Sundays at 1pm: LISTEN LIVE

NewsTalk 850, Saturdays at 10am: LISTEN LIVE

 

Crash Proof Exclusive: Phil Cannella Interviews Harry Dent

Watch Crash Proof Retirement’s Phil Cannella and Joann Small conduct another exclusive, groundbreaking interview with world famous economic forecaster Harry Dent. Afterwards, register for the next Crash Proof Educational Event on Tuesday, May 9th at Spring Mill Manor in Ivyland, PA.

The first 100 guests will receive a free copy of Harry’s best-selling book “The Sale of a Lifetime”.

Register HERE.

 

Harry Dent is known around the world for his boldness and accuracy in predicting both economic booms and global financial crashes. He is Harvard educated, two-time best-selling author and economic forecaster who has a wealth of economic and financial experience. He has been called a master of his method called “the new science of finance.” Back in 1989, he warned of Japan’s inevitable collapse. A decade later he warned of the dot.com boom and the bust that followed.  Now in an exclusive interview with Phil Cannella and Joann Small of the Crash Proof Retirement Show, Harry Dent has once again utilized his research using scientific demographics to predict the next stock market crash and economic bubble burst.

 

According to Harry Dent in the exclusive interview with Crash Proof Retirement:

“When bubbles burst, it tends to take two to three years for them to hit bottom. 70, 80, 90% not 20, 30, 40, 50 as we’ve seen in recent crashes, but the first 2 to 3 months of that crash we will see half of it happen which means 40%. I wouldn’t want to mess with this fire because it’s going to blow, and when it does it’s going to be so fast you will not get out in time. But I think the danger period is 2017 to early 2020. That’s when the worst is going to happen and I think it’s going to start and see the biggest jolt in 2017.”

Harry Dent says the next market crash will be disastrous for people in retirement if they have their nest eggs in risk investments on Wall Street. He says it will be devastating- just like in the great stock market crash of 1929:

“When you see a once in a lifetime major bubble crash like the great depression, with debt and bubble deleveraging, it takes 25 years or more just to get back to even and you don’t lose 40%. You lose 80%-90% in stocks so it is devastating. I wouldn’t tell a 25 year old to be betting on stocks because they are too over valued now. Aging baby boomers, absolutely should be putting a premium on safety and preserving their capital after an unprecedented bubble, rather than hoping for another year or two of possible gains… it’s suicide!”

Harry Dent has just released another best-selling book entitled: The Sale of A Lifetime: How the Great Bubble Burst of 2017-2019 Can Make You Rich, which zeros in on the history of financial and economic bubbles, and presents his entirely new model on bubbles. It’s information that you will not get from a traditional economist, financial expert or politician, but it can protect you and your retirement savings from the next market crash and global financial disaster. Just visit Harry Dent’s website: HarryDent.com for more information, or DentResearch.com.

Phil Cannella Carries the Sword of Truth

When you come to a Crash Proof Educational event, or listen to the Crash Proof Retirement Show with Phil Cannella and Joann Small, you’ll often hear Phil Cannella talk about “Wielding the Sword of Truth.” What does that saying mean?  Why is it connected so closely to the philosophy of Crash Proof Retirement?

Well, as the Founder of Crash Proof Retirement, Phil Cannella likes to say:

“The sword always shines in the face of truth and swings and pierces
the soulless bodies of the evil.”

Phil Cannella has fought many battles in his life and career, and has spent much of his time and energy, defending himself and his Crash Proof consumers against untrue and unfair attacks from the media and other financial advisers.  It’s easy to be a target when you’re standing alone for what you believe in, and your opponents are afraid that the “truth” that may expose them for the cowards & frauds that they are. The “Sword of Truth” that Phil Cannella wields comes in the form of a philosophy and determination that nothing will stand in his way of spreading the truth, and being a true consumer advocate for those in or near retired years.

Watch the video below to understand just “who is Phil Cannella.”

This is why Phil Cannella carries the “Sword of Truth.”

Back in 2009 Phil was exposed to some writings that reminded him of a particular poem that was especially connected to his own world-view. He re-worked the poem to reflect his mission in life over the last few years.  Originally written November, 2004.  Edited for publication November, 2009

Pure Truth, subtle and elusive, flowing from the grasp like quicksilver.

Alone, it is useless.

Impossible to see from within gawky, restrictive mortal forms.

Truth, as we know it, is inherently impure.

Laced as it is with perceptions, thoughts, fears and emotions.

It is fragile, brittle…

unable to stand up to the ringing clash of battle

in the fields of the heart.

If you depend on it alone, it will fail you.

Blinding you with it’s shimmering intensity and cutting you when it shatters…

Wisdom is the key.

Strong and flexible, yet too soft to take an edge,

wisdom alone is useless to a warrior.

What is accomplished by just sitting around, being wise?

Lay Wisdom and Truth side by side, heating them in the fires of awareness.

Beat them with the hammer of Determination, folding and blending over and over

You form a blade of surpassing power.

Sharpen it regularly with experience, oil it with humility,

sheath it in restraint and never draw it in anger.

And you will have the weapon of a true Warrior!

In the words of Phil Cannella:

As I Stand fourth to bring truth

All my thoughts are contained in the conscience of my soul,

Wielding truth with strength in my hand to serve justice

I belong to the principles of the mortals.

And the heavens above in the sky.

As I pass in between through the portals.

I am honesty’s greatest ally.

I am known as “Cannella” of justice.

Seeking right where I know there is wrong.

When my senses say something seems amiss,

Like a moth I’m immediately drawn.

With my sword I bring light to the dark.

And the truth is the sting in its mark.

If you want to learn more about how Phil Cannella’s “Sword of Truth” philosophy has propelled Crash Proof Retirement into becoming the leading consumer advocate retirement firm in the world, then watch the video below and set up a free, one-on-one appointment with a Crash Proof Educator or register for the next Crash Proof Educational event by calling: 1-800-722-9728, or by clicking on this link.

What Does Pres. Trump’s Tax Plan Mean to You?

Calling it the “biggest tax cut in U.S. history”  President Donald Trump wanted to make a huge splash when his administration announced his much anticipated tax plan yesterday, but the announcement may have created more questions than answers as it sent a slight ripple through Wall Street.  Stocks finished slightly down across the board Wednesday following  comments by U.S. Treasury Secretary Steve Mnunchin that the Trump administration wants to  move “as fast as we can” with the tax overhaul proposal, but provided few details.  See more below courtesy of CNBC.

Mnunchin had prioritized a goal of passing a tax reform plan by this August, but since then the White House has pulled-back from that deadline. If passed, the Trump plan would be the first tax reform since 1986.  Some of the questions surrounding the latest offer had to do with how it would be funded.  A memo from the administration states that “a one time tax on trillions of dollars held overseas would be levied on accounts.”  However, Treas. Sec. Mnuchin said the rate for that tax has yet to be determined. Mnuchin said the White House is “working with the House and Senate on a repatriation rate”, saying it would be “very competitive.”  President Trump is hoping to drastically reduce corporate taxes, and insists that the tax cuts will pay for themselves with hastened economic growth across the U.S.

Treasury Secretary Steve Mnuchin told ABC News today that he couldn’t say how Pres. Trump’s tax overhaul plan would personally affect the President, and he also refused to guarantee that middle-class families wouldn’t pay more under the Trump proposal.

See video from ABC’s Good Morning America below.

The White House has provided a “fact sheet” on the Trump tax plan proposal which includes:

    • Reducing the number of income tax brackets from seven to three, with a top rate of 35% and lower rates of 25% and 10%. It is not clear what income ranges will fall under those brackets. It would also double the standard deduction.
    • The proposal will cut the corporate tax rate from 35% to 15%.
    • The plan would eliminate tax deductions, with only a few exceptions, including the mortgage interest and charitable contribution deductions.
    • The plan would eliminate the estate tax, otherwise known as the “death tax” which affects only a very small portion of Americans.
    • The U.S. would go to a “territorial” tax system, that typically excludes most or all of the income that businesses earn overseas.
    • The plan would also repeal the alternative minimum tax and 3.8% Obamacare taxes.

If you are in or near retired years and want to lock-in the gains that you have made since Donald Trump became President, and never worry about another market crash again, then you need to get educated on the exclusive Crash Proof Retirement System. There is a safe and guaranteed alternative to the risk, corruption and fees within the securities industry, and it’s called the proprietary Crash Proof Retirement System. If you’re worried about losing any part of your retirement nest-egg then let Phil Cannella and Joann Small educate you on the exclusive Crash Proof Retirement System. This proprietary system is designed so that when the market goes up, your accounts can experience gains, but when the market goes down or crashes, your accounts stay even; You never lose a penny of your principal and that’s guaranteed! Get educated on the proprietary Crash Proof Retirement System at the next Crash Proof event!

Register here.

There is no cost…No obligation…Just a Crash Proof Education from the creator of the exclusive Crash Proof System-Phil Cannella, and the CEO of Crash Proof Retirement- Joann Small.

See what you’ll learn at a Crash Proof Retirement Educational Event. Watch below.

US College Loan Debt Bubble is at Dangerous Levels

Economists and financial experts often talk about “bubbles”.

Debt bubblesEconomic bubblesForeign Currency bubbles.  Now comes more evidence that the massive student loan college debt bubble is getting dangerously close to bursting.

Over the past 10 years the amount of student loan debt in the U.S. has grown by 170% percent, to a whopping $1.4 trillion — more than car loans, or credit card debt. In America.   44 million people have student debt and 8 million of those borrowers are in default.

A report by the Consumer Federation of America (an association of non-profit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy, and education,) found that the number of Americans in default on their student loans jumped by nearly 17% percent last year (2016). Despite all the improvements in the economy, student loan borrowers are still struggling, in what was thought to be an improving labor market. Studies show that there are links between high student debt and health issues like depression, and marital failures. The whole thing is made worse by the fact that a large chunk of those holding massive debt do not end up with degrees, having had to drop out from the stress of trying to study, work, and pay back massive loans at the same time. Meanwhile, the subprime crisis cut the ability of parents to use home equity loans to pay for their children’s education (previously a common practice). This left the bulk of the burden to students, at a time when the unemployment rates for young people are rising.

So the big question is: What is going to happen next and when is the bubble going to burst?

Mark Cuban, is a very successful and well respected businessman. He sold his technology company before the dot-com bubble burst and made billions. He is also the owner of the NBA’s Dallas Mavericks.

Listen to what Mark Cuban recently told Inc. Magazine, re: his feelings about the massive student loan debt bubble.  Watch video below.

Defaulting on a federal student loan can be a financial disaster for the borrower. Unlike other types of debts, most federal student loans cannot be discharged in bankruptcy. Those who go into default face serious consequences including: wage garnishment, damaged credit scores and added costs in fees, interest and legal fees.

If you’re worried that the economic bubble to burst, may have a detrimental effect on your retirement nest-egg, then you nee to get educated on the one and only exclusive Crash Proof Retirement System, that is deigned to protect your life savings from any market crash.

If you are in or near retirement and worried where the economy is headed, wouldn’t you like to lock in the gains you’ve made on the stock market and never have to worry about another crash or downturn?  There is a safe and guaranteed alternative to the risk, corruption and fees within the securities industry, and it’s called the exclusive Crash Proof Retirement System. If you’re worried about losing any part of your retirement nest-egg then let Phil Cannella and Joann Small educate you on the exclusive Crash Proof Retirement System. This proprietary system is designed so that when the market goes up, your accounts can experience gains, but when the market goes down or crashes, your accounts stay even; You never lose a penny of your principal and that’s guaranteed! Get educated on the proprietary Crash Proof Retirement System at the next Crash Proof event!

Register here.

There is no cost…No obligation…Just a Crash Proof Education from the creator of the exclusive Crash Proof System-Phil Cannella, and the CEO of Crash Proof Retirement- Joann Small.

See what you’ll learn at a Crash Proof Retirement Educational Event. Watch below.

Americans Are Not Saving Enough Money for Retirement

Americans seems to be always complaining about money.

Not having enough…not making enough…not saving enough.

Now, a new survey conducted by Princeton Survey Research Associates, (a leading research institution) for Bankrate shows that even though Americans believe they will save more money, the fact is they won’t!

Bankrate is a consumer financial services company and is best known for its personal finance website and economic surveys/.

According to the poll, about 21% of working Americans aren’t saving any of their income, which remains unchanged from the answer consumers gave the survey in 2016.  Just 25% are saving more than 10% of their incomes, down from 28% in 2016.

The biggest reasons Americans aren’t saving more money?

  • 38% said they had too many expenses, some of which may not be under their control given that wages have remained stagnant in recent years
  • 16.4% of the respondents simply said “they haven’t gotten around to it”
  • 16% said they not having a good enough job
  • 13% said they were struggling under debt

According to a just released new survey by the New York Federal Reserve:

In addition, about 19% of survey respondents said they feel less comfortable financially speaking, than they did a year ago, and 55% said they feel about the same.

Another thing to factor in:  Because the Federal Reserve recently raised its key interest rate, consumers could deplete their savings if they face higher repayments on credit card debt and auto or home loans.

Between emergency savings and the challenge of retirement savings that is on each of us, experts believe that individuals should save 15% of annual income.  The problem arises when people get tired of saving, and as the economy improves, people start spending more, saving less, and acquiring more debt.

If you are worried that you will not have enough money saved for retirement, then NOW is the time to educated on the exclusive Crash Proof Retirement System

If you want lock in your gains and safeguard your retirement nest-egg then let Phil Cannella and Joann Small educate you on the exclusive Crash Proof Retirement System. This proprietary system is designed so that when the market goes up, your accounts can experience gains, but when the market goes down or crashes, your accounts stay even; You never lose a penny of your principal and that’s guaranteed! Get educated on the proprietary Crash Proof Retirement System at the next Crash Proof event!

Register here.

There is no cost…No obligation…Just a Crash Proof Education from the creator of the exclusive Crash Proof System-Phil Cannella, and the CEO of Crash Proof Retirement- Joann Small.

See what you’ll learn at a Crash Proof Retirement Educational Event. Watch below.

The Truth about Life Settlements

FINRA is the the Financial Industry Regulatory Authority, which is a private corporation that acts as a self-regulatory organization. As part of its responsibility to help consumers avoid being taken advantage of, FINRA has listed a number of facts and warnings about investment vehicles known as “Life Settlements.” Much of this information was recently listed in an article in Kiplinger.com.

A “Life settlement”, (which is sometimes called a “senior settlement”) involves selling an existing life insurance policy to a 3rd party—(a person or an entity other than the company that issued the policy)—for more than the policy’s cash surrender value, but less than the net death benefit. In the past, if you owned a life insurance policy (that you no longer wanted or needed), you generally had two choices: surrender the policy for its cash value, or allow it to lapse. Life settlements present a third option: selling your policy (or the right to receive the death benefit) to an entity other than the insurance company that issued the policy. That transaction is known as a life settlement.
Here are some basic facts you need to know before getting involved with a Life Settlement.

  • Life settlements can have high transaction costs and unintended consequences, & even if you decide a life settlement is generally right for you, it can be hard to tell whether you are getting a fair price.
  • FINRA has even issued an alert to highlight the questions you should ask and the factors to consider before entering into a life settlement.
  • The purchasers of life settlements, sometimes called life settlement companies or life settlement providers, generally are institutions that either hold the policies to maturity and collect the net death benefits or resell policies—or sell interests in multiple, bundled policies—to hedge funds or other investors. In exchange, you receive a lump sum payment. The amount you will receive in the secondary market depends on a range of factors, including your age, health and the terms and conditions of your policy.
  • When you sell your life insurance policy, whoever buys it is acquiring a financial interest in your death.
  • In addition to paying you a lump sum for your policy, the buyer agrees to pay any additional premiums that might be required to support the cost of the policy for as long as you live. In exchange, the buyer will receive the death benefit when you die.

Some of the “Advantages” of Life Settlements:

  • It’s a better alternative to letting an expensive or unneeded policy lapse. (sometimes)
  • Life settlements can help fund things like hospice care in an emergency situation.

Some of the “Disadvantages” of Life Settlements:

  • Sellers generally receive a fraction of the face value
  • People tend to overlook other safer alternatives when motivated by the lore of easy cash and gains by security personnel or firms.
  • Regulated by the SEC (proven to be ineffective)
  • There is a High risk of seniors being taken advantage of by unscrupulous sellers of Life Settlements
  • The insured receives far less than the death benefit.
  • Settlement providers are fee based
  • Commissions and a lack of fiduciary responsibility are present
  • Loss of tax advantages (Beneficiaries normally receive death benefits tax free.)
  • Both the Insured and investor pay a tax on received portion of death benefit.
  • Investor’s returns can easily be negatively affected by the insured person outliving life expectancy tables.
  • Insurance companies are constantly looking for fraudulent policies started for the sole purpose of executing a life settlement. (Investors will pay seniors to open policies)\
  • Creditors may claim benefits for those who owe substantial medical bills and have significant debt.
  • Life Settlements eliminate money that would be left to heirs tax free
  • The amount you receive above the premiums you’ve paid for insurance, is taxable as income.
  • You may outlive any added cash

Factors to Consider When Deciding to Sell Your Life Insurance Policy

    • Life settlements have proven profitable not only for institutional investors that purchase policies, but also for the providers and brokers who handle these transactions.
    • Competition among life settlements providers has become increasingly intense.
    • Due to the life settlement industry being relatively new and the chance for targeting seniors who may be in poor health, it can be prone to aggressive sales tactics and abuse. You should always proceed with caution

Here are some of the key factors you should consider: (According to FINRA- Financial Industry Regulatory Authority)

    • Consider your ongoing Life Insurance Needs—If you are considering buying a new policy with the proceeds of the life settlement, you will need to determine whether you will be able to get a new policy with equivalent coverage—and at what cost.
    • Your old policy will still be in force and may affect your ability to get additional coverage.  Even if you can get a new policy, you may have to pay higher premiums because of your age or changes in your health status.
    • Be aware that surrendering your life insurance policy for its cash value or pursuing a life settlement are not your only options—especially if you would ideally like to retain your coverage.
    • Difficulty Determining Fair Prices—One of the hardest things to know when you are selling a life insurance policy is whether you are getting a fair price for your policy. The best way to make sure you are getting a fair price is to shop around.
    • Consider the Impact on Your Finances—A cash payment from a life settlement can have unintended financial consequences, especially if your financial circumstances have changed from when you first bought the policy. For example, if you currently receive state or federal public assistance, such as Medicaid, a life settlement can negatively impact your ability to participate in that program.
    • Consider the Impact on Your Survivors—Carefully think about your need for current income, versus the future financial needs of your survivors. Even if you have determined that they do not need the proceeds from your insurance policy now, ask whether there could be a chance that their situation could change.

If you decide to go forward with a life settlement, here are some questions you should be sure to ask:

    • Is the life settlement broker or provider licensed in my state?– A growing number of states regulate life settlement companies and life settlement brokers to some degree, and may require that they be licensed. Be sure to ask your state insurance commissioner whether the life settlement company or broker you are dealing with is properly licensed—and whether either has a record of complaints.
    • If you are working with a securities broker, FINRA’s BrokerCheck.com should be your first resource to learn about his or her professional background, registration/license status and disciplinary history.
    • Ask what the life settlement company that is buying your policy will do with it. Will they hold it themselves? Sell it individually? Or package it with other policies and sell interests in the package to other investors?
    • What information will I have to provide? To whom? For how long?
    • How can I protect my privacy? Before accepting any offer from a life settlement company, you should carefully read the application, and make sure that the company has procedures in place to protect the confidentiality of your information.
    • In many cases, state regulations govern the handling of confidential information. Contact your state insurance commissioner to find out what regulations apply.
    • What’s the best price I can get for my policy?
    • What are the transaction costs?
    • Life settlements can have high transaction costs. The commissions paid by life settlement companies to life settlement brokers and other financial professionals involved in the transaction can be as high as 30%.
    • If someone recommends a particular life settlement to you, find out what they are being paid, and by whom.
    • What are the tax consequences?
    • The lump sum payment you receive in exchange for your life insurance policy can be taxable, depending on your circumstances.
    • What if I change my mind? Always remember that you do not have to accept an offer to purchase your life insurance policy, even if you shopped around for the best price. If you do accept an offer and later reconsider, be aware that some states have laws that allow you to change your mind within a certain amount of time.
    • Is the life settlement in my interest or my investment professional’s? At least one marketing brochure targeted at investment professionals not only touts the potential commissions from life settlements, but also emphasizes that additional revenues can be generated from the seller’s purchase of other investment products using the proceeds from the life settlement. Citing industry statistics, the brochure notes that almost half of all life settlement transactions result in the purchase of new life insurance. In other words, your investment professional stands to make two commissions off of a life settlement transaction. And you may end up replacing a perfectly good policy with a costly new one.
    • Am I being pressured to make a fast decision? If you feel that you are being subjected to high-pressure sales tactics, and other aggressive advertising, marketing and sales efforts, beware. A legitimate investment professional will provide clear answers to your questions and will give you the time you need to make an informed decision.

Life settlements may make sense for people who no longer need or want their insurance policies, and would otherwise surrender their policies or allow them to lapse. But even then, you should proceed with caution. Always consult with an expert.  if you’d like to contact an educator at Crash Proof Retirement regarding Life Settlements or Crash-Proofing your retirement, click here.

 

Terrible Jobs’ Report for March

To say the March 2017 employment report from the Bureau of Labor Statistics was one, hugely disappointing shock would be a big understatement. The so-called “experts” had predicted 180,000 jobs were going to be added last month, but in reality only 98,000 jobs were put on the payrolls in March.  The government figures missed their mark by 80,000 jobs. These are terrible numbers, but what went wrong?

Economists are saying there are 3 main reasons, why the jobs report was so off kilter:

    • It was a fluke
    • A combination of a terribly cold and snowy month of March
    • Or, it is an “unstoppable trend

The shockingly low gain of just 98,000 jobs in March crushes the optimism that the economy can break out of its sluggish growth trend. The low jobs number is not likely to stop the Federal Reserve from further interest rate hikes this year, unless it is followed by another weak number next month.  Department store closings are also a big factor, which led to a sharp decline in retail jobs.

  • Earlier this week,a report from financial analysts: Credit-Suisse showed about 2,880 stores closures so far this year, more than double the same period in 2016.
  • With 60% percent of store closures typically announced in the first five months of the year, Credit-Suisse estimates there could be more than 8,640 store closings by the end of the year!

Other big retail closings:

  • Macy’s is closing 68 stores, cutting 10,000 jobs.
  • C. Penney will close 138 stores by the second quarter
  • Pay-less Shoesdeclared Chapter 11 Bankruptcy earlier this week – set to close 400 stores
  • Footlocker– to close 100 stores
  • CVS– to close 70 stores
  • Office Depot–  to close 75 store
  • Staples–  to close 70 stores
  • Pier One Imports– to close 100 stores by 2019

See more from CNBC below on what March’s poor jobs reports means to the economy.

If you are in or near retired years, and want to lock-in the gains that you have made over the last four months, and never worry about an inevitable market downturn, then you need to get educated on the exclusive Crash Proof Retirement System. There is a safe and guaranteed alternative to the risk, corruption and fees within the securities industry, and it’s called the proprietary Crash Proof Retirement System. If you’re worried about losing any part of your retirement nest-egg then let Phil Cannella and Joann Small educate you on the exclusive Crash Proof Retirement System. This proprietary system is designed so that when the market goes up, your accounts can experience gains, but when the market goes down or crashes, your accounts stay even; You never lose a penny of your principal and that’s guaranteed! Get educated on the proprietary Crash Proof Retirement System at the next Crash Proof event!

Register here.

There is no cost…No obligation…Just a Crash Proof Education from the creator of the exclusive Crash Proof System-Phil Cannella, and the CEO of Crash Proof Retirement- Joann Small.

See what you’ll learn at a Crash Proof Retirement Educational Event. Watch below.