There are a number of commercials on television today from companies offering to purchase annuity payments or structured settlement payments for a lump sum of cash. From singing bus riders to opera players, offers are extended to people who need cash now instead of wanting to wait for their payments to trickle in slowly over time. People that do not currently have an annuity or structured settlement tend to ignore these commercials, but people that do have them are often intrigued. If you are thinking about selling your annuity payments for a lump sum of cash, here are some things that you should know.
There are some compelling reasons to sell your annuity payments for a lump sum of money. Some people are facing a mountain of high interest debt that they need to eliminate before they can start building wealth for the future. Instead of continuing to pay interest month after month on the debt, they can obtain enough money to pay off the debt and have enough left over for a decent sized emergency savings account. Some others may choose to sell their annuity payments to buy property or obtain money for a child’s college tuition. The benefit that they receive from getting their money in a lump sum far outweighs the benefit they would get taking small amounts of money over a longer term.
Making the decision of whether to sell your annuity payments can be a difficult one. After the clever fees that companies like JG Wentworth price in, you might find that you are getting much less money than you originally thought you would. However, if you are facing a dire financial predicament, it would be better for you to have the money to handle the problem than to receive smaller sums of money over a longer period of time. Weigh the pros and cons of both scenarios carefully before making your decision.
Once you have decided that you would like to sell your future annuity payments, you will have to find a good company to purchase them. The best company for your needs will offer you the most money, the least amount of fees, and the fastest service. The internet has made it easy to obtain several quotes from different companies within a short period of time, allowing you to easily compare them to see which offer is the best. To obtain an accurate quote, you will have to provide the company with accurate information about the total amount of your annuity, when the payments are due, and how many of your payments you would like to sell.
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