Published on November 13th, 2013 | by Alice Aires0
3 Things To Know About Selling Your Annuity
Annuities are powerful tools, but they’re not perfect. If you find that you need to cash in your annuity or get an advance on the amount owed, it’s definitely possible. However, there are several things that you need to know before starting the process. While it’s possible to sell your annuity or even cash in just a portion of it, it’s highly advised that you don’t go into it blind.
Find Legal Help
One of the first and most important things to do is to ensure that you have a trusted source of legal advice. Your attorney will provide you with many things, including advice on whether or not selling your annuity is the wisest choice possible. He or she will be able to help you navigate the murky waters of the legal world before (and after) you decide to sell.
Determine How Much to Sell
You’ll also need to determine how much of your annuity you want to sell or cash in. There’s no rule that says you have to sell all of your annuity. If you only need a modest amount of money to catch up on bills or to pay for other concerns, you can look into selling only a portion of your annuity. Be aware that this may limit the number of buyers interested in your annuity, but working with a reputable partner will help get your sale in front of as many buyers as possible.
Know What You’ll Pay
When a factor purchases an annuity, they don’t offer the total amount you would receive if you kept things the way they are currently. There’s a percentage of cash lost. Smart decisions will help you minimize these and ensure you get the most cash for your annuity. Perhaps the smartest decision is to work with a leading service provider in the annuity cash flow industry.
Identifying a Leading Service Provider
As mentioned above, working with a leading service provider offers you numerous advantages. These include giving you access to up to six offers to buy your annuity from fully vetted, reputable buyers. Other advantages include streamlining the six to eight week waiting process to sell your annuity and guaranteeing the privacy and safety of your information. How do you choose such a company, though? Obviously, this is an important decision and you can’t afford to take chances here.
First, investigate the company’s reputation. How long have they been in business and what is their track record with previous clients like? Are they certified by the Better Business Bureau? Do they offer live customer service agents to help explain the process to you?
Another important consideration here is to find out how simple the company makes the process of selling your annuity. The ideal company will offer an easy form to fill out and no hoops to jump through. Once you’ve filled out the form, you should just need to wait to receive offers direct to your email inbox.