Questions to Ask Companies that Buy Annuities
Selling your annuity can be very challenging, especially if it's your first time. Depending on the reasons for selling your annuity, you need to be sure to get a the best offer possible from a reputable structured settlement company. However, most people fail to research the vital steps they should take to sell annuity payment. When selling your annuity, evaluate Companies That Buy Annuities to ensure you get the best deals. You will also need to have a series of questions to ensure you make the right choice of a company to sell your annuity to. This article will outline a few of the vital questions you should ask companies that buy annuities.
- What alternatives do I have to sell my Annuity?
Everyone should ask this question as they review their options, which is crucial. It is vital to ask for the alternatives available from a trusted financial and tax advisor with experience. They may have other ideas they’ve seen successfully used that are better options to handle whatever situation you’ve found yourself in. Selling your future structured settlement annuity payments is a significant decision.
- Can I sell just a portion of my Annuity, or will I have to sell all of it?
Selling annuity amounts depends primarily on your reason for selling and the required amount. Selling all your annuity will help provide you with the maximum lump sum amount at once. However, if the need requires you to spend a lesser amount, such as a down payment on a house or paying off an unexpected debt, you can choose to sell just a portion of your annuity. A partial annuity payment allows you to sell your just some of your future structured settlement payments allowing you to receive periodic payments again down the road. For example, if you have 20 future payments from your annuity, you might decide to sell the next 4 of them, and when the timeframe for your 5th payment comes the payments will kick back in.
- How much money can I get?
You must ask this question when evaluating your potential annuity buyer company. Knowing what the company is offering will help you decide if you will proceed with the sale or not. Many aspects affect the lump sum you will receive. These factors include when you are scheduled to receive your annuity payment, the value of the payment, interest rates along with other factors as well. Also of course, the payment you receive will depend on how much of your future payments you decide to sell. The more the payments, the higher the lump sum you receive. Don't forget to evaluate different companies to ensure you get the best deal.
- How long will it take for me to get my payments?
You should ensure you question to know when you can expect to receive your payment if the transaction is approved by the courts. This is vital for your planning and the need you want to solve.
- Must I face the Judge?
When selling a structured settlement, you will have to face a judge and explain why you need to sell your annuity. The Judge helps to protect your wellbeing as best as possible and to ensure you are selling your annuity for a valid reason.
These questions are a few of the vital ones to help you understand the deal. Always ask any question you think of or terms you don't understand. You want to be sure you are completely comfortable with the deal and the factoring company you are working with.