28 Jul 5 Indispensable Tips for Successfully Selling Your Annuity
For many people, annuities are a smart way to make a long-term investment and create a steady source of income throughout one’s retirement years. However, our financial situations can change at any given moment — and what seemed like a smart investment choice at first may become an unwanted burden later on. Luckily, you can actually sell your annuity payments in exchange for a lump sum that allows you to get the cash you need now, rather than wait several decades to receive it.
While it might seem like an intimidating concept, selling your annuity in exchange for the cash you need now isn’t that difficult. With these five tips, you can sell your annuity successfully and easily:
Evaluate your debts
Before getting started with selling your annuity, it’s a good idea to evaluate your debts and get a comprehensive idea of your personal finances. For individual consumers, the three most common forms of debt are credit card debt, medical debt and student debt. Approximately one in five Americans between the ages of 18 and 24 consider themselves as being in debt hardship. Additionally, a shocking 26% of Americans have admitted to not paying their bills on time. If you feel overwhelmed by your debt, selling your annuity for a lump sum might be the solution you need to get out of debt now.
Get a quote
Once you’ve decided that selling your annuity is the best course of action to take, it’s time to get a quote from a reputable direct funding company. For example, if you were to sell $1,000 per month from your 10-year annuity, you could receive anywhere from $48,308 to $82,421, depending on which company buys your annuity.
Understand the legal process
There is a federal statute in place, regulating the sale of annuities in exchange for lump sums, with which you should become familiar. Additionally, 47 U.S. states have laws regarding these sales, so you should know your home state’s legal process before moving forward.
Know what to expect from your sale
While many companies promise instant cash after you sell your annuity, it’s important to know that this isn’t exactly true. Because the sale of annuities for cash is a process that carries legal stipulations, the entire process normally takes anywhere from 45 to 60 days.
Get the cash you need now
Once you have made these preparations and considerations, you’re finally ready to sell your annuity in exchange for cash. With the help of an experienced, reputable direct funding company, your annuity sale can be easier than you ever thought it could be.
Whether you want to make an investment or a major purchase, selling your annuity for cash can be simpler than you think. To get started with selling your annuity, contact a qualified direct funder today.