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sellmyannuity.org
Reasons I Need Cash for My Annuities
If you are pondering the idea of getting cash for your annuity, you are either in one of two financial predicaments. You are either in debt and need a resource to help you get the cash you need to bring your finances back to where they need to be, or you have an opportunity that requires cash to fund an investment.
Either reason can offer more than enough justification to look at getting cash from your annuity.
How Do I Get Cash From My Annuity?
There are many reasons you may need cash, but before you start the process of cashing out your annuity, you need to find out what you have to offer. Go through your paperwork and find out if your annuity is transferable.
If your annuity is transferable, then you can move on to the next step in the process.
If your annuity isn't transferable, then your done. There is nothing you can do to sell your annuity.
A nontransferable annuity is exactly what it sounds like...nontransferable.
What is an Annuity Payment?
Annuities are a financial income source that provides periodic payments. If you are familiar with a home mortgage, it's a similar principal. If you are the bank, you lend money (invest) to an individual to purchase a house (investment). You then pay the bank periodically for their investment.
An annuity works in a similar way. You are being paid in payments for your investment. Some annuities come from wills, estates, insurance, or settlements.
When to Sell an Annuity
Having an understanding of how annuities work will help you along in the process to sell an annuity. Annuities are timesensitive. That means that they are a financial product that uses time to determine value.
While everyone has differing circumstances and financial needs, it may be more beneficial for some to continue to collect annuity payments rather than cashout for one lump sum.
On the other hand, if time is not on your side, and you have an immediate financial need, finding a good buyer for your annuity may offer a greater benefit.
Help for Selling an Annuity
You may need help to sell an annuity. There are different laws and regulations regarding annuities in different states. It's important to look into what rules may apply when selling an annuity.
This may require hiring a specialized lawyer, or broker, that is experienced in the sales of annuities.
Selling a Structured Settlement
If you find yourself in a position that you have a structured settlement and need cash now, you can look at selling. Here are a few things to think of if you want to get cash for your structured settlement payments.
What is a Structured Settlement?
Mostly used in product liability, or injury cases, a structured settlement can be utilized to keep legal costs and other trial expenses controlled by avoiding a trial. Rather than issuing one a large lump sum, a structured settlement is much like an annuity in that it sets a time period with structured payments to be disbursed on a regular basis.
The usage of structured settlements in the United States grew during the 70's for a number of reasons including an increase in personal injury cases, and higher interest rates.
