Six Questions to Ask Before You Ask, “Will You Buy My Annuity?”
When you’re in dire need of immediate cash, you may think that the most important question you can ask is “Will you buy my annuity?” In fact, there are several important questions you should ask of a company before you accept an offer to sell your annuity to them.
Is It Legal to Sell My Annuity?
Yes, it is legal to sell future payments from your structured settlement or annuity, but in most states, the sale will have to be approved by a court. There are strict processes that have to be followed in each state when you decide to sell your annuity payments for a lump sum cash amount. Most companies will work with you to help make the process of transferring payments easier and more transparent.
Why Do I Need Court Approval for You to Buy My Annuity?
A federal law passed in 2001 requires all structured settlement transactions to be approved by a court to protect the recipients of structured annuity payments. The law requires that a judge agree that it is in your best interest to sell your annuity payments for cash. In most cases, a judge will approve the sale as long as you present a good reason that you are giving up your future payments in return for cash right now.
How Do I Find Out If a Company That Wants to Buy My Annuity is Offering a Fair Price?
The best way to find out if you’re being offered a fair amount of cash for your annuity is to get more than one quote. Companies use a method to determine the value of your future payments and make an offer based on that value, but not all companies will offer you the same amount or come up with the same value. Just as with anything else, you should do some comparison shopping to get several quotes so that you can compare them and decide which offer you should accept.
Do I Need a Lawyer After I Find Someone to Buy My Annuity?
In some states, you’ll be required to have a lawyer to read over the paperwork and make sure that you’re being treated fairly. Even if your state doesn’t require you to have a lawyer, you should consult an attorney who can look out for your best interests and help you through the process.
How Do I Sell My Annuity?
In most cases, you’ll start the process by filling out a form online. The form will ask basic questions about your annuity, such as whether you receive payments annually or monthly, how much your payments are and for how long you’ll receive the payments. After you submit the information, a representative of the company will contact you to discuss your case with you.
Will a Company Buy My Annuity If I Only Want to Sell Part of It?
Many companies will work with you to only buy part of your annuity, which could be the best of both worlds for you if you need cash now but don’t want to give up your annuity forever.
If you need money right now, finding a buy my annuity company that will work with you may be the best option available to you. Make sure that you research several companies and consult a lawyer to represent your best interests if you decide it’s the best option for you.
Chris Robertson is an author of Majon International, one of the world’s MOST popular internet marketing companies on the web.
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