21 Dec How Long Does It Take to Sell Your Structured Settlement?
Question: How long does it usually take to sell my structured settlement?
Answer: While the process of selling a structured settlement varies depending on the county you live in, the time waiting for a lump sum payment tends to range from 30 to 90 days, sometimes even less. The process to sell a structured settlement or annuity is pretty simple, but it does need to be approved first.
Q: When can I expect to know whether or not my request to sell has been approved?
A: The Florida Commission Office (FCO) must approve or disapprove a filing within 60 days of submission, except when the Commission formally objects to some aspect of the filing or extends the review period by up to 30 days. The Management Committee may also delay a ruling in the event that current workload prevents the Commission from completing the review within the prescribed timeframe.
By comparison, under Florida law, insurers must file life and health forms at least 30 days prior to use or delivery in this state. Forms are deemed approved unless the office has affirmatively approved or disapproved the filing within 30 days from the date filed.
In the event the FCO approves the filing in fewer than 30 days, the remainder of the 30-day waiting period is waived.
Q: How long will I have to wait if they decide to review my request further?
A: The FCO may extend the review period by up to 15 days by notifying the insurer prior to the expiration of the initial 30-day period.
Q: What are the chances the FCO would deny my request to sell a structured settlement or annuity?
A:If the Commission finds that the submission meets the uniform standard and filing requirements, they must approve the filing. A product filing will be deemed to meet the requirements of a uniform standard “if (it) determines that the Product Filing contains provisions that in all respects are at least as favorable to the insured or annuitant as the requirements of the Uniform Standard.” This happens in the 30- to 45-day waiting period.
Q: What’s the average wait time to have a filing approved?
A:The average approval time for filings in 2013 was 30 business days, not including company response time to objection letters.
Q: Is it really worth the wait?
A: No matter how long it takes, selling your annuity is ultimately a good idea. In fact, 92% of people who sell their annuities (both lottery and structured settlements) are satisfied with their decision.