- Structured Settlements
- Selling Payments
- About Us
What is the Process of Selling Annuities and Structured Settlements?There are a number of companies out there that purchase annuities and structured settlements, and they all function in basically the same way. Some do it quicker and safer while providing better service, though.
In general, it is a basic process to sell an annuity or structured settlement.
1. Decide to sell your annuity or structured settlement.
2. Consider the quotes that you are given by potential buyers.
3. Choose a buyer and then trigger the beginning of the sale.
4. Get judicial approval for the sale, with a court ruling that it is in your best interest to sell.
5. Receive your payment.
The Decision to SellYou definitely want to consider all of the options and weigh the pros and cons before you decide to sell your structured settlement. You want to make sure that it is in your personal best interest to go ahead with the sale, while considering your current and future financial situations.
Below are some things to consider.
- Why do I need cash right away?
- Is selling my annuity the best, or only, option that I have to get the money that I need?
- Am I jeopardizing my future financial security by selling my annuity or structured settlement now?
Do You Want To Sell Your Annuity?If you definitely want to sell your annuity, get a quote right now in minutes.The Shopping Process Once you have made your decision about selling your annuity or structured settlements, you can begin the process of shopping for the best quotes. The amount of money that you will receive will depend upon a number of factors surrounding your annuity, such as its total value and when the payments are set to be disbursed.
Make sure that you do some research and perform your due diligence in shopping for the best quotes, as you do not want to regret your decision in the future as it is a large one. Get some advice from trusted friends or experts.
Make sure that you consider more than just the financial value of the offer, and work with a company that will provide you with good service. You definitely want to work with a trustworthy seller. Look into their track record and experience, and don’t allow yourself to be rushed. Take your time and make the right decision.
When you are working with a reputable buyer, they will investigate whether it is in your own best interest to sell. If it is not, they will not do it. As a result, it is a good sign if they are asking you questions about your current situation and attempting to assess whether or not you should be selling your annuity or structured settlement.
This is because companies want to make sure that your sale will be court-approved, and they want to maintain their strong reputation and integrity.
Since the courts must consider your best interest before approving the sale, no company should want to get involved in pushing anything through that is not to your benefit.
You can get a free estimate here if you are curious about how much money you could get for your annuity. You’ll simply answer a couple of questions and then get a quote in no time!
Select a BuyerOnce you decide who you are going to go with, you will then be functioning under a number of laws at both the federal and state level in order to guide the process. Once an offer is made, all of the important details will be provided to you such as how much you are selling, what you will receive in return and what you are giving up in value by selling now.
You will have to understand and convey to the buyer that you accept that you are providing a discount on the remaining payment rights, as this is the profit for the buyer. In some states, there will be other requirements and you may be forced to get a third-party professional assessment of your situation. This is not a bad idea anyway, as it reinforces whether or not you should be selling.
Once you accept an offer, you will have to fill out some paperwork and go through the proper steps to return it and begin the legal process. From start to finish, you can plan on spending about two months in the process of selling your annuity. In some cases, though, you will be able to get a cash advance from the buyer while you are waiting.
Judicial ApprovalOnce the papers for the sale are presented in court, you will most likely have to go in front of a judge. At this point, you will have to explain why you need the money and why you have decided to make the sale. You will need to convince the courts that you are not putting yourself or your family in financial risk by making the sale.
Get PaidAfter the judge approves your sale, the transfer can take place. At this point, the insurance company that is administering the annuity will be given notice that they should begin making the payments to the new owner of the policy. At this time you will be given your full payment from the buyer.
If you only sold part of your payments, you will still have the right to sell the rest in the future if you so choose. In order to do so, though, you will need to start the process from scratch and repeat it.