Annuities are a great way to ensure financial security by providing guaranteed income. But what happens if, after purchasing an immediate annuity, you decide that you don’t want the annuity payments anymore? For whatever reason, you want out of your immediate annuity contract. After researching a bit on the Internet, you realize that selling your annuity is the best way to stop the monthly income payments and receive a lump sum payout.

Before selling annuities, you probably have a few questions on how the annuity-selling process works. AnnuityLibrary.com has compiled a list of the three most frequently asked questions about selling annuities:

1. Why should I sell my immediate annuity?

When you bought your immediate annuity, you were fine with receiving a monthly payment. But now, maybe you need a lump sum to pay off some debts, pay for a grandchild’s college education, or to pay unexpected healthcare costs. Or perhaps you’d like to take advantage of better return rates in other investments. Some individuals inherit an annuity when the annuitant dies – in this case, the individual inheriting may have no need for a monthly income payment, and would instead rather have a lump sum.

2. Will selling annuities cost me any money or will I have to pay any upfront fees to get the process started?

No, all fees and expenses are built into the offer you receive and are paid from the annuity proceeds.

3. How much of a lump sum will I get?

Annuities are complex financial arrangements, and not every annuity case is the same. Many types of annuities can only be sold after a certain amount of time has passed. Each immediate annuity-selling situation should be reviewed on an individual basis by an Annuity Specialist from AnnuityLibrary.com. The Specialist will walk you through the annuity-selling process to make sure that you get the most money possible.

Do you have any other questions about selling annuities? Call the Annuity Specialists today at 1-800-998-4056 to start the process of selling your annuity.