Cash for Your Annuity Instalments

Securing funds for your child’s education or a new home is a matter you can’t simply overlook. While you can apply for a loan, often the interest rates may not be in your favor, resulting in paying back more than the borrowed amount. However, if you receive annuity payments, selling a portion or the entirety of these payments can potentially address your immediate financial needs. In fact, many annuity recipients opt to sell their annuities for this reason.

While it’s true that you can find several annuity buyers interested in purchasing your annuity payments for a lump sum of money, not all of them will offer the highest amount. Therefore, it’s crucial to carefully choose whom you’ll sell your annuity to. There are a few steps you should follow to get the most money when selling your annuity.

Conduct Research:

The first step is to conduct a brief examination of your annuity payments. Does the agreement you signed allow you to sell annuity payments or transfer your rights to a third party? Does it require a court order for you to sell your annuity? What is the current value of your annuity? It’s advisable to consult with your attorney or financial advisor to determine whether selling your annuity is the right choice for you.

Request Quotes:

To help you find the best annuity payment buyer (the one willing to pay the most money for your payments), you need to have an idea of how much they are willing to offer. You can either visit their office in person, call their business line, or visit their website online. Regardless of the method, obtaining quotes will provide you with the necessary information to make an informed decision.

Analyze:

Opting for the highest bid isn’t the end of the process. You also need to verify if they will charge you additional fees related to the sale of your annuity. Some annuity buyers may initially offer a substantial sum only to deduct fees for processing the sale from that amount. Compare the fees and the total amount offered by these annuity buyers. Consulting your attorney or financial advisor will be highly beneficial during this stage. Once you’ve reviewed and considered all factors, you can proceed to sell your annuity payments.