Sell Your Annuity or Structured Settlement for Cash
Annuities are great retirement savings and guaranteed income products. While there are many benefits to owning an annuity, sometimes life’s circumstances change and there may now be a compelling reason to sell your annuity or structured settlement payments for cash.
However, in most cases you can’t cash in a structured settlement or an annuity that has already been annuitized directly with the issuing insurance company. So what are your options? Well, there are a number of third party companies that will purchase your annuity payments for a lump sum, giving you the freedom to do whatever you’d like with the money. Most will give you the option of selling all of your future payments, or just a fixed number of your payments.
To begin the annuity-selling process, first you should contact several different companies to get quotes for your payments. The lump sum amount will vary, so it’s important to get a number of quotes from a variety of settlement companies. Competing quotes means that you’ll get the highest amount possible.
AnnuityAdvantage is focused on educating and informing consumers regarding their annuity purchase options and assisting them in acquiring the most appropriate annuity for their individual needs. We are NOT involved, nor do we participate in any way, with assisting individuals in selling their annuity payments or structured settlements for cash.
Two of the larger companies involved in this arena are:
J.G. Wentworth – https://www.jgwentworth.com/
Peachtree Financial – https://www.peachtreefinancial.com/
Keep in mind, that there are cases where it is best not to sell your annuity. First, and most important, you need to consider if selling your annuity will put you in a worse financial predicament? Fixed income, like the kind provided by an annuity, is secure and predictable. Selling a series of guaranteed annuity payments can result in a useful amount of cash, but will you be sacrificing future financial stability? If there are other sources of cash available to you, you may want to access them before selling your annuity payments.
Also, selling a series of annuity payments is not a quick process; expect to provide a lot of information and fill out significant amounts of paperwork before the annuity sale goes through. And even after the annuity is sold, the check for the lump sum may take several weeks to arrive. You also may be required to pay taxes on income from the annuity sale.
While most annuity owners and structured settlement recipients do have the ability to sell their annuity or structured settlement for cash, annuity contracts can be complex. Many different types of annuities can be sold at various stages in their contractual life. However, each situation needs to be reviewed on an individual basis.