An annuity is a matter to discuss and understand properly. An annuity is a financial plan with a structure that protects your financial assets. This plan maybe structured as a one-time investment or a periodic, monthly investment. It depends on you which structure to choose. Staying active on the annuity plan or to sell your annuity payments is a confusion and proper consultation is needed to clarify this. However, you can sell your annuity and it’s totally legal.
Why should you sell annuity payments
There is a popular question that rotates in the mind of every customer. Can I sell my annuity payments or not? The answer is yes you can sell your annuity payments. When there is a need of financial change or when the structured annuity plans aren’t helping and no longer meeting your needs then you can sell your annuity.
How much amount of annuity should be sold
If you are thinking about selling your annuity and you are concerned about the amount then you should know that the total annuity can be sold. You can sell the total amount of annuity all at once for a lump-sum cash and then you will not receive the periodic payments in future or you can sell a part of the annuity to get some round figure cash and you will get the payments later for the period of time from the rest of the annuity. It depends on you that how much amount you should sell.
When the annuity should be sold
When you are thinking to buy a new house or to start a new business or want to get a loan and for that, you need some money or want to buy a property or in urgent need of a round-some cash then you should sell your annuity, of course, to get some cash in hand. However, it’s wise to sell a part of it and not totally.
The process of selling annuity and get payments
If you have already decided to sell your annuity then here comes the complicated process. Selling the annuity is a legal process where a number of steps are to be performed. First,research the annuity buyers and go for the best offer, then receive a free quote from them. If you agree with their quotation then consider the legal representation of them and complete the required transactional paperwork and others. The approval from an authority is needed. So present the whole case before a judge and then you have to wait for the approval of the court. Well, this is it. After the court approval, you will receive your payments. This is a time-consuming process and it takes around 2 to 3 months to complete.
However, it is highly recommended to talk and consult with a financial advisor before selling your annuity and make your final decision. They will help you with your best interest and best benefit.