What Is an Annuity, Anyhow?
Before I tried to sell my annuity payments lump sum, I needed to learn a thing or two about what a structured settlement actually was. These annuities allow a person to have a stable source of income, which are usually tax- free payments. Often times, people receive annuities after certain court cases are settled. For example, a person might win an annuity as the result of their personal injury case, which would pay for their medical bills and other expenses as they recovered from the incident that prompted the case in the first place.
However, times can get tough. Life happens when you least expect it, after all, and the annuity payments may not be able to cover the costs associated with emergencies. Perhaps you need to fix your roof, or maybe a business opportunity appeared and you need capital to invest with, or maybe your youngest didn’t get enough financial aid. It’s reasons like these why I sold my annuity payments lump sum.
How Did I Sell My Annuity Payments Lump Sum?
I sold my annuity payments lump sum much the same way other people typically do.
First, I had to decide if I really wanted to sell my annuity payments lump sum. After all, it was a good chunk of my income. Losing it might have jeopardized my future financially. I needed to be sure whether or not it was really such a good idea.
Second, I needed to find a company to sell my annuity payments lump sum to. The key, as is the case so many other times in life, was to find a reputable company to work with, one that had its clients’ best interests in mind and used its own money to fund clients. It needed to be experienced, and have a top notch rating with the Better Business Bureau.
Third, I needed to get the ball rolling. No one was going to sell my annuity payments lump sum for me, after all. I had to submit the correct paperwork — the policy, my ID, the settlement agreement, and more — for review to ensure that the process would be completed properly.
Fourth, I had to have a judge’s approval if I wanted to sell my annuity payments lump sum. Once I got my paperwork back and the documents fully signed, I had an attorney file them with the court, which scheduled a hearing for me. This began my waiting period. When I got to court, I had to justify why I was trying to sell my annuity payments lump sum and show that I really did need the money. Basically, I had to prove that I wasn’t jeopardizing my financial future.
Lastly, I got my payment. Once the judge approved it, he signed the transfer order, sent it to my insurance company, and had the money wired.
And that was that.
How Long Did It Take to Sell My Annuity Payments Lump Sum?
Once everything was said and done, it took me about the same amount of time it takes for a person to typically get their money, which is about 45 days. However, keep in mind that each and every case is unique, and that different state laws may affect the time it takes for you to get the money you need.
Is It a Wise Option If You Have to Pay Off Debts?
One of the main reasons people sell their annuity payments lump sum is because they need to pay off debts. Whether or not it’s a good idea to do that, though, is up for debate. Some people may have some serious debt, and could wind up bankrupt. If they do face that problem, and their annuity is protected, then it’s a very, very bad idea.
That’s what I learned as I tried to sell my annuity payments lump sum. To learn more about the process, or find out whether or not it’s a good idea to sell yours, you’d be wise to get in touch today.
Source: http://docphy.com/business-industry/business/sell-annuity-payments-lump-sum.html
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