If you are in dire need of cash and you have an annuity, you might as well sell annuity. An annuity is a financial contract that may have been issued to you by another individual, company, or company as a result of favorable verdict of a lawsuit.
Generally, the annuity is payable in many ways. However, instead of receiving outright one-time cash as compensation of a lawsuit or from an insurance company, the payments are made staggered.
It can be paid twice a year for a number of years or it can be paid 4 times a year for a number of years. Either way, the good thing about annuity is your privilege to arrange the terms of payment.
Now, in some ways the annuity is beneficial as it can be a good source of financial resources for you for a certain period of time. You can use the money to finance a college education for your children and more. Nonetheless, on the other side, it can be a source of disappointment especially if you have anticipated so much for this lump sum to finance a new car or house.
If such is the case, then you can sell your annuity. You have to understand that even before you have been rewarded with an annuity, there were already several companies wooing you to sell your annuity. Of course, not everyone is interested in selling, as it can provide an effective financial security.
If you have been approached by a financial company or want to approach one, you have to know several things. First of all, the amount of lump sum payable to you is lower than the one you would have received should you not consider selling. This is how the business goes and this is how those companies earn their share of profit.
Some companies charge high interest or deductions while others have reasonable rates. Regardless, you would find it beneficial to shop around to compare rates, before you decide which service you will use.
Also, the company’s legitimacy is a very important consideration. It is your obligation to find out whether a company is legitimate or legal to operate. Proliferating anywhere-on the internet and in the physical world-are individuals and companies that scam the public. It is significant that the company you wish to employ its services is reputable.
Once you have found the best company for you, gather all the necessary documents to expedite your quote. Fill out the necessary application form and choose the best option for you. Depending on the company policy, there are some that respond to their clients within 24 or 48 hours.
The first response will be about providing the required documents. After evaluation, you may receive another response from them to inform you how to receive your cash. This part of the process may take some time between 4 and 12 weeks depending on the company processing the selling of your annuity.
Financial contracts such as an annuity are regarded as a valuable possession. Hence, if you sell annuity, you should have weighed in all other options including their benefits and drawbacks. For additional information, you may wish to discuss your concerns with an expert.
Author Resource:
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