Oh no! You just had emergency surgery, and now owe the hospital a large amount of money. Or, maybe your house flooded, and without flood insurance you are stuck with big home repair bills. Any of the above situations call for an emergency influx of cash. But where can you get that cash if you don’t have enough in savings? Sure, you could borrow it from family or friends, or get a loan from the bank. But there is another option if you have an annuity with period certain payment terms – you can sell annuities to get a lump sum of money.
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Many income or immediate annuities offer period certain payment terms. “Period certain” means a guaranteed payment time period offered by an annuity – for 10, 20, or 30 years. Because you are guaranteed an income during this time period, you have income that you can sell. What happens is you sell either all the remaining payments or a portion of the payments to an annuity purchase company, and in return for these payments, this company will give you a lump sum. Now, the lump sum will not be equal to the total of the payments, but it will be a large percentage. Therefore, when you sell annuities you can take advantage of your future annuity payments immediately.
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The first thing that you need to do when you are facing a bad situation that requires a lot of money to fix, and you have annuity payments or a structured settlement that you can sell, is to gather quotes from several annuity purchase companies. Different companies are going to give you different quotes, so be sure to collect several quotes to ensure you are getting the best deal. Once you find the best quote for your situation, make sure that the company is a reputable one – check with the Better Business Bureau and other financial institution ratings agencies before entering into an agreement to sell annuities. Don’t sell annuities to the first company that offers you a good quote without doing a little bit of research first.
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ANNUITY ARTICLES