Sell Annuity Payments for Cash
Do you need to sell annuity payments for a lump sum of cash? Often, you may realize after buying an immediate annuity with a period certain term that you need a lump sum of cash more than monthly or quarterly income payments. Are you stuck? Absolutely not. There are a number of companies that allow you to sell annuity payments for a lump sum, giving you the freedom to do whatever you like with the money.
Legally, you will still own your annuity even if you sell annuity payments to another company. The payments will be transferred into the company’s name and, in exchange for a lump sum that will be sent to you, the company will receive these payments. To begin the annuity-selling process, first you should contact a variety of 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 financial agencies and settlement companies. Competing quotes means that you’ll get the highest amount possible.
There are cases, however, where it is best not to sell your annuities. First, and most important, will selling your annuity put you in a worse financial predicament? Fixed income, like the kind provided by an annuity, is secure and predictable. Selling a series of annuity payments does 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 should take advantage of them before you sell annuity payments.
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. After the annuity is sold, the check for the lump sum may take anywhere from one week to 14 days to arrive. You also may be required to pay taxes on income from this annuity sale.
Call the licensed experts at AnnuityAdvantage.com today at 1-800-239-0356 to learn how you can sell annuity payments for a lump sum of money.
¹ First year yield/rate reflects fixed rate plus premium bonus or interest rate enhancement.
Interest is based on current rates and subject to change without notice.
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