Sell annuity payments for cash is a decision some may make when their financial situation requires additional funds that are not available through other means such as employment or loans. Each annuity holder has the ability to sell annuity payments as long as those payments are being paid according to a personal injury lawsuit settlement. The following will detail what you need to know in order to sell annuity payments and receive cash today.
What do I need to know before I sell annuity payments?
Sell annuity payments for money now can be an easy process with the right company. You need to know that you have the right to your money, however you must follow certain guidelines to receive your funds early. Ten years ago, a federal statute was enacted to protect the interest of those with structured settlement annuity payments from unscrupulous business practices. This act is called the structured settlement protection act. The act has been adopted by nearly every state, while certain states have taken the original statute and added some additional conditions to enhance the protection of the residence of that state. The statute requires that each transaction be approved by a judge, who will decide whether or not the transaction is in the best interest of the annuitant prior to approval. Although, this may sound like a cumbersome process, we believe that this provides the best protection for each person who wants to sell annuity payments. Not withstanding a judge approval of the transaction, each company must give a disclosure statement at the beginning of the transaction prior to issuing a contract. The annuity disclosure statement is a fairly standard document providing the details of the agreement between the annuitant and the company. After receipt of the disclosure statement, there is a waiting period in which the annuitant gets an opportunity to confirm that the decision to sell the annuity was indeed the best option. While there are specific requirements such as judge approval, disclosure agreement and waiting period, probably the most important condition is that the sell of the annuity is in the best interest of each person.
Sell annuity payments, is it in my best interest?
Although the reasons that someone is allowed to sell annuity payments is not detailed in the structured settlement protection act, over the last ten years of cases has provided some clarity to some of the reasons in which a judge will approve the transaction. The judge needs to
decide that the transaction is going to resolve a financial situation or enhance the future of the annuitant. Keep in mind that the annuity was generally setup to support the long-term financial requirements of the annuitant so the judge wants to confirm that by selling the annuity payments that the annuitant is going to be able to support themselves. With this said, typically a judge will approve needs like buying a house, paying off bills (especially medical bills), buying a car (if necessary to make an income or for commuting), start a business, tuition fees and many other reasons for bettering someones life.
Regardless of the reason you have to sell annuity payments, trust in an expert who can guide and support you through the process and get you the money that you need today. An annuity purchasing expert knows the process and conditions of each state and will take your needs into account to make sure you are receiving the money you need today along with maintaining the integrity of the annuity. Your satisfaction is our utmost concern. Give us a call at 1-877-919-8003 and one of our friendly and knowledgeable representatives will be happy to give you a free consultation in which you will receive a detailed structured settlement annuity plan including a free custom quote.