What is an Annuity?
An annuity is a long-term investment that is usually issued by an insurance company. Annuities are designed to help protect you from the risk of outliving your income earning potential. Annuities prove to be attractive to families because they have the ability to work as a tax shelter–keeping your original deposit safe from the IRS. Through an annuity, your money is allowed to stay in the account, earning interest and growing over time.
The different forms of annuity include:
- Individual Annuities
- Deferred Annuities
- Immediate Annuities
- Fixed and Variable Annuities
- Guaranteed annuities
- Joint Annuities
- Impaired Life Annuities
Did you know that the average annuity is paid out over a 25-year life span in monthly, quarterly, lump sum, or bi-annual payments?
When should you sell an Annuity?
Selling of Annuity depends on the different needs of individuals. Most people begin the selling process with a specific need in mind. With money in your bank account, you finally have the resources to address a variety of financial dilemmas. When a pressing debt or emergency cost demands attention, people discover that funds locked in their structured settlement or annuity offer a solution, allowing them to move forward.
The majority of sellers use their cash to:
- Make a major life purchase (house, car or business)
- Fund a divorce
- Pay off credit-card debt and improve their credit score
- Pay off medical bills
- Finance a college education or pay student loans
- Pay for a funeral
Know that how you spend this money now has repercussions for your future financial well-being. The best decisions are ones that ensure that the sacrifice you decided to make – giving up long-term income for money now – pays off.
How to Selling Annuity Payments
The selling process for annuities or structured settlements is simple. But before you make the decision to sell, you must first decide if you truly need your money now.
Once you make that decision, you can have a free quote in hand in only a few minutes, and within 90 days you can have money in your bank account or a check in your pocket.
The typical process for selling an annuity or structured settlement can be summed up in these six easy steps:
- Contact a purchasing company for a free quote. Our experienced customer representatives can also help you obtain a quote.
- Evaluate your offer, compare it to others, and accept a contract offer.
- Get your cash advance to help pay for your living expenses while awaiting a court date.
- Go to court, where a judge will review your case.
- Send a copy of the approved transaction order to the insurance company.
- You receive full payment.