- Personal Finance
How To Sell My Annuity Payments For Extra Cash - Selling My Structured Settlement
Selling My Structured Settlement
You can sell part of your annuity payments for an immediate emergency or other financial concern. Companies will buy your payments for a discount which enables you to have access to needed cash instead of waiting for monthly payments.
An annuity is when there is a large sum of money invested to earn a monthly income. An insurance agent is normally who sets this up. Individuals use this strategy to save on taxes and provide monthly income (annuity payouts) for themselves or others.
There are also structured settlements that are predetermined payments from a reputable insurance company to compensate an injured person as the result of a personal injury lawsuit, wrongful death suit, medical malpractice suit, or any other type of liability settlement.
Annuity payouts are usually received in payments instead of a lump sum. Most people are happy with the payments but there may come a time when a lump sum of money will afford a convenience that will make your life much easier or to resolve a possible hardship from happening.
Don't You Have To Sell All Of Your Settlement Payments?
No you don't have to sell all of your payments. Some do but later realize they didn't have to after it was too late. It is highly likely that you have that option with most companies will not take all of your annuity payments if you don't have another source of income. They will not, even if you beg.
The best thing to do is to know how much money you will need before deciding how many payment to sell. The company you choose will tell you how many payments you will have to sell to receive the cash you need.
What You Should Consider Before Selling Your Annuity Payments
If your annuity payments are your only source of income most good companies will only take a part of your monthly income. Always consider the future when selling payments that you totally depend on.
- Establish Need
- Check to see if you insurance company will penalize you for selling your payments.
Cash For Annuity Settlement Benefits
There are many benefits to receiving a lump sum of money for selling some of your structured settlement payments.
- Peace of mind.
- Medical bill
- New Home
- Medical Treatment/Vehicle
- New Car
You will be selling your structured settlement payments at a discount for immediate cash in return. You should alway remember that in most cases a lump sum of cash now is better than money later. But if this isn't the case don't throw away good money. You should only use this option in case of an emergency or importance. By the way a relaxing well needed vacation is very important to ease stress and reunite the family.
How To Receive Cash Amount Option For Payment?
- submit information
- receive quote
- accept offer
- paperwork notorized by insurance company
- Go over documentation.
- Receive cash.
The quote you receive is for you to except. You are not under any obligation to pay anyone anything for this information. You pay for this service by receiving a discount for your lump sum of cash. After you except an offer there will be paperwork that the insurance company that sends your payments will notarize. When the companies have worked out the details you will receive your cash. This process normally takes about 10 days.
For instance if seven months worth of payments equal to $5,000 and you accept $4200 the deal is done. Your regular payments will begin 7 months later after the seven months pass that you sold.
I hope this clears up questions about selling structured settlement payments. You can sell all or a portion of your annuity payments and receive a free quote. Getting your money should be only a matter of weeks depending on your acceptance of your highest offer. Getting a lump sum of cash for your annuity payments is not hard and will certainly be helpful when you need it fast.