News and Tips on structured settlement transfers.

Posts Tagged: annuity

27
Jan 14

Sell My Annuity – Converting a Structured Settlement into Cash

If you have ever laid in bed at night, thinking to yourself, “I must sell my annuity” to convert its worth into a lump sum of cash, you are not alone. Many individuals have been awarded a structured settlement annuity for the damages or injuries incurred from an accident or negligence of another. As a result of their damages, the court may have issued an award through an annuity instead of a large sum of cash. While there may have been no other option from the court except to receive monthly payments for the amount awarded, it does not always mean it was the best solution.

The Benefits of Cash

There are times when receiving a lump sum of cash in a single payment, rather than living off a monthly annuity, would be significantly more beneficial to you, your family and your lifestyle. Luckily, there are simple ways to “sell my annuity” to third-party companies that are eager to purchase your structured settlement for a percentage of its remaining worth. Like any other type of financial product, your structured annuity has great value in the investment world.

Sell My Annuity

The quickest way to convert your structured settlement annuity into cash is to shop around. There are numerous trustworthy and reputable companies that specialize in structured settlement purchases. Finding a recommendation through a family member, colleague or friend can help narrow down the companies to obtain a quote. There are also structured settlement companies available online.

Obtain at least three quotes from structured settlement companies and consider each offer carefully. Every company utilizes their own network of investment funders that will all offer a competitive bid for the remaining worth of your structured settlement. It is imperative to never accept any offer unless you are completely satisfied with the terms.

20
Jan 14

Beneficiaries Sell Settlements to Convert Annuities into a Lump Sum of Cash

In the years past, many individuals that were awarded a payment as a result of a judgment concerning malpractice or accident would receive their money as a lump sum. However, many times the court system allows the defendant to provide a structured settlement annuity that delivers monthly payments instead of a large sum of cash. While it might be the logical solution for many individuals that need monthly income, others sell settlements as a way to generate enough funds to pay their medical bills.

Which Option Is Better?

When a claimant accepts a lump sum, from the corporation or individual that owes them money, they receive the entire amount due in a single payment. This large sum of cash can quickly pay off all medical bills, fees and expenses incurred from the accident, or medical malpractice.

Alternatively, other claimants receive a structured settlement annuity. In lieu of receiving a large amount of cash in a single payment, the lump sum is used instead to purchase a structured settlement annuity that can pay out annually, quarterly, monthly, or other scheduled way. Many times, installments can pay out for many years, and even for the remainder of the claimant’s lifespan.

The Benefits of Both Options

There are significant disadvantages and advantages to receiving a lump sum or a structured settlement annuity. Probably the biggest disadvantage to a lump sum of cash is the ability to spend it unwisely and quickly. The greatest advantage is having enough money to get back on his or her feet.

Providing scheduled payments is the biggest advantage of a structured settlement annuity. However, the payments might not be enough to cover all expenses. In times like these, many beneficiaries choose to sell settlements as a way to generate a lump sum of cash.

Picking the best option should always be based on personal circumstances. Individuals that have made the wrong decision and chose the annuity, can always sell settlements to obtain a lump sum of cash.

13
Jan 14

Reputable Settlement Buyers Buyout Annuities for Lump Sums of Cash

Before accepting any payout option from settlement buyers, it is critical to understand all the options that are available. Individuals that own structured settlements often seek ways to obtain a lump sum buyout by giving up their monthly, quarterly or annual payments. It is imperative to know that settlement buyers who purchase annuities are companies in business to generate profits from every purchase, which often results in a low offer or bid.

Once the decision has been made to accept the payout from settlement buyers, the beneficiaries can often pay for unforeseen medical expenses, ongoing living expenses or to pay down existing debt. Nearly every state in the union has strict statutes that govern how structured settlement annuities can be sold. Many of the laws allow individuals to sell their remaining payments only by proving they have met strict requirements that include:

Listening to Professional Advice – Many judges require that the structured settlement annuity beneficiary listen to professional advice to fully understand the details and financial terms of the buyout.
Time to Cool Off – Many courts require a specific amount of time to cool off in case the beneficiary changes their mind about selling the annuity.
Talking with the Judge – Usually, before the sale or buyout can be completed, the beneficiary will need to participate in a hearing to allow the judge to take full consideration of the beneficiary’s best interest.

It is beneficial to approach at least three different companies or settlement buyers interested in purchasing the annuity. Every company should be reputable, well-funded and established in their industry, with years of business under their belt. In some states, the seller will have to present the offer to the judge in court to receive approval for the buyout. It is always a wise decision to consult an attorney before ever selling a settlement, or agreeing to an offer.

30
Dec 13

What Are the Duties of a Structured Settlement Broker in a Personal Injury Case

An annuity broker, or structured settlement broker, negotiates the buyout of structured settlement annuities to determine the payout schedule after an individual has won their lawsuit. Usually, the annuity was awarded in a lawsuit concerning a personal injury often due to willful misconduct or negligence of the defendant. The compensation for the injury is an amount paid out as the settlement in the case, which is not usually determined through a jury trial.

Many times, a structured settlement broker will provide an alternative to a lump sum payment. The annuity will be provided by an insurance or annuity company that has a payment schedule that provides money every month, quarter or year. To acquire an annuity, the defendant (losing party) will make a one-time premium payment to the insurance company in exchange for a payout schedule for the awarded party.

Determining the Settlement Value

One of the most critical duties completed by the structured settlement broker is determining the value of the settlement. By calculating medical costs (past and future), incurred by the injured party along with all the associated needs including a home nurse, physical therapy, medicines, and any needed surgery in the future, the broker can determine the economic costs of the case.

The structured settlement broker will also determine non-economic costs including mental anguish, disfigurement, pain and suffering, inconvenience, well-being, mental health, and any loss of consortium – the diminished affection, cooperation, aid and intimacy between wife and husband. Determining the past, present and future burden placed on the injured party helps the broker calculate a rough estimate of the current loss, and any expected future loss.

The projections made by a structured settlement broker are a key component to being able to construct a settlement in the court case. The functions and responsibility of a broker are crucial in many personal injury cases where damages are challenging to calculate.

2
Dec 13

Why Should You Cash in Your Annuity

Getting an annual annuity payment makes a lot of sense for some people. An annuity can afford you the security and reliability of a regular income, regardless of whether it is from an insurance policy or from winning the lottery. Or at least, that’s what it is supposed to do. Annuity payments can guarantee you a regular income over a specific time-frame that allows you to live a normal life and plan for your future. Things don’t always work out like we want, however, and sometimes annuity payments aren’t as beneficial as we would have thought.

Growing Expenses

Some people may need to cash out their annuity to pay off unforeseen expenses, like emergency medical bills, that can arise suddenly through no fault of your own. Annuity payments may be great for the average person’s everyday life, but a medical emergency can quickly become too expensive for your payments to cover and leave you owing a lot of money. Annuity payments are nice for what they are, but if you find yourself in an unfortunate situation, then you may find yourself facing mounting bills and calls from collectors when your income simply can’t cover all your expenses.

Where to Look

When looking to cash in your annuity, there are things you can and can’t do. You can’t simply go ask for the rest of your money at the bank, for example, even though technically all the money is yours to begin with. They don’t have to give you anything until time for one of your payments, and then they will give you that, and only that, which you agreed upon when setting up your payments. However, you can sell your annuity to a company that specializes in buying annuities and structured settlements. This will let you get a lump sum of cash to take care of any needs or circumstances you might have found yourself in. Paying for education, repairing your home or car, paying bills, whatever you need to do. Not all buyers are the same, though, and different companies may offer differing amounts for your annuity. That’s why it is always a good idea to shop around and compare offers to make certain you get the right offer for you. That is why working with a broker is a great idea. By using their knowledge and expertise, you can get the offers you need in a timely manner, and be able to choose the option that is right for you and your family.

25
Nov 13

Find the Best Annuity Buyer

Most of the time, an annuity is going to be a relatively small payment given yearly, or monthly with the case of some types of settlements. Having that money coming into your pocket each month can be nice, but sometimes, it just is not enough to take care of all of the emergencies that can crop up. Medical expenses, home repairs, and other issues could all cause huge problems in your life if you do not have the money to pay for them. Those who are receiving payments do have another option though.

You could consider finding an annuity buyer that would be able to purchase the payments from you and provide you with a much larger payment. This can be quite valuable for those who need to have money right away. However, you need to make sure that you are working with the best buyer possible and the right one for your needs. One of the things that you have to remember though is that if you do choose to sell the annuity, it could have some tax implications. Make sure to consider those when selling, and talk with a professional about how it could affect you and how you might need to claim them on your taxes.

Take your time to find a reputable annuity buyer who can work with you. Look at the offers from a couple of different companies so that you can be sure you are getting the best deal for the annuities you are selling. Get a number of quotes from those companies and research the companies to see how long they have been in business and what other users have to say about them. The more research you do now the happier you are going to be later. Find the buyer that is right for you.

26
Mar 13

How to Sell Your Annuity Payments

In the long run, annuity payments can provide a reliable and stable source of income. However, many annuities will be paid over a considerable amount of time, such as lifetime payments, which can go a long way toward providing for those with limited income potential. As ideal as structured payments are, however, they might not be perfect for every situation or instance. They may not be right for you as well, if you are considering selling your annuity payments.

What are Your Needs?

You can’t sell your payments for something trivial, like an RV or a vacation. Any planned structured settlement transfers – such as your annuity – go before a judge who will look at all the facts of your case. Once there, you will have to demonstrate your actual need to his satisfaction – your need for a transfer must be vital or urgent before it will be approved.

Look for Buyers

If the judge determines your need warrants a sale or transfer of your structured settlement payments, you will need to find companies who buy settlements and annuity payments. There are many companies to choose from, but it can be hard to locate and contact a reputable and trustworthy company. You will need to put in a lot of time and effort to find a company that can satisfy your needs. After locating a few possible companies, you’ll need look over and compare the offers they will make to you.

Choosing the Right Company for You

Researching companies and entertaining offers can be a daunting task to take on by yourself, but there are alternatives to making a go of it alone. Many experienced structured settlement companies have contact with some of the most reputable and trustworthy buyers of settlements and annuities. Using a competent broker can be invaluable when selling your annuities. With the right structured settlement broker, you could start receiving offers shortly after completing and turning in your information to them.

Perhaps the biggest benefit to using a settlement broker is having a competent and skilled advisor working on your behalf to ensure you receive offers from the most reliable and trustworthy companies, eliminating the fear of finding yourself trapped by an underhanded, predatory company who only care about getting your money. A helping hand can provide some significant peace of mind, and a competent structured payment settlement broker can provide this, and more, when you choose to let them help your sell your annuity.

If you need help selling your structured settlement, annuity or lottery payments,
contact us today. We are here to answer your questions and help you obtain the
highest possible price for your payments.

5
Mar 13

Facts You Need to Know Before Selling Your Annuity

An annuity payment may provide you with a steady and reliable source of income, but this may not be enough if the need for a large lump sum of money arises. But there is a way you can receive a large sum of cash instead of scraping by on smaller payments. Selling your annuity might be a viable choice for you if the situation does come up, but there are things you should know in order to determine if this is the right option for your needs.

Laws and Regulations

Before attempting to sell your annuity, you should find out what the state and federal laws are that could affect your sale. Each state is different, so you need to be sure any offer falls within the guidelines set forth by lawmakers to ensure a sale is both fair and warranted in your situation. Legal counsel can be invaluable, and help guide you through the murky and often complicated process of selling your annuity.

Check the Percentages

Another important factor to consider is how much money you would receive from a proposed sale. Naturally, you won’t get 100% of the money owed to you through the annuity, as companies are in business to make money. Companies generally pay a percentage of your total annuity, based on your total amount, your payment terms and other factors. Companies vary in the way they make offers and do business, so careful comparative shopping is a must. Carefully considering each company and comparing offers will guarantee you will get the best deal you possibly can.

Get Multiple Offers

You should get as many offers as you can when deciding to sell your annuity. That way, you will have many different options and offers to compare, giving you the best set of choices to help you in your time of need. A broker can help streamline this process, enabling you to get many offers quickly and help you to make the best decision when it comes to complicated financial matters such as those involved with selling your annuity.

By using the information supplied to you, making the decision to sell or not to sell becomes considerably less difficult. There is a lot to consider before making your decision, however, and a competent and knowledgeable broker can help you make the best choice for your financial future.

23
Jan 13

Annuities and Structured Settlements: What’s the Difference?

Annuities and structured settlements have many similarities, and you might even make the mistake of thinking they are the same thing. Sure, they both pay regular payments to the people they are owed to over a specified time period, but the way state and federal laws see these two types of payments confirms that they are indeed different things. Let’s examine annuities and structured settlements and see exactly what the difference is.

Structured Settlements: An Examination

Basically, structured settlements are the result of winning a liability or personal injury lawsuit, and payments are set up to be made over an agreed upon period of time until the full amount due has been paid. These payments are made from a lump sum amount that the defendant, who has either settled or been found guilty, has set aside to satisfy the lawsuit. The term for this is “deferred payments”.

Annuities: A Closer Look

The financial tools investment firms, insurance companies, and the like use for administering payments are called “annuities”. Annuities are an investment in which the investor earns returns, in addition to the original investment amount, and which can have many beneficiaries. There are many different types and styles of annuities, and even lottery winnings can fall into this category if the winner chooses payments instead of a lump sum payment of their winnings.

Important Information

Once you get down to carefully comparing the two, the differences between structured settlement payments and annuities can be pretty glaring. As a beneficiary of a structured settlement or annuity payment, how do these differences affect you and your financial future?

Where you live, and how state and federal law apply to your individual transfer, will help determine how they affect you. The law will often allow the sale of structured settlement payments, but it can be different in the case of annuities. The process of selling an annuity can be difficult and confusing, which is why the expert advice of a settlement broker can be essential for helping you meet your transfer goals.

Working with a competent and skilled broker may be the best decision for someone who is considering selling their annuity. A broker with the reputation for competent, high-quality customer service and is a registered member of the Better Business Bureau can provide their clients with all the help they need to navigate the murky waters of transferring an annuity or structured settlement payment.

5
Jan 12

How to Sell Annuities?

How to sell annuities? There are numerous reasons why a person would want to sell their structured settlement annuity payments. The main reason is a large unexpected expense that arises, or a drastic change in the personal financial circumstances of an individual. The purpose of selling the structured settlement annuity is to get a lump sum of cash.

Another reason is that some people are just not satisfied with their settlement payment. Whatever your reason, there is a solution for you. You can sell your annuity for a large cash payment.

There are three options available to you;

-You can sell your entire annuity.
-You can sell also sell a few of your payments.
-You can sell a percentage of your payments.

By selling your structured settlement annuity you can receive the money you need immediately, instead of having to wait for monthly installments. And if you sell a percentage or just a portion of your annuities you can still rely on the security of your future annuity payments.

Another reason is that even though your annuity is a decent amount right now, it may not have the same value in the future. Inflation is a constant economic problem. A $1,000 annuity right now may be a decent amount, but in 10 years the same amount of money will not have the same value. And this is where selling your entire structured settlement annuity may be beneficial. But, if you do not want to lose out on the security and reliability of receiving regular payments, you could just sell a portion of the annuity to receive a lump sum that will help you in an emergency situation.

When you first receive a structured settlement annuity, it may be the perfect plan for you. It may be very financial comforting for a period of time. But, circumstances never stay the same. You could be facing unexpected expenses, or you could be drowning in debts, and the monthly installments may not be sufficient anymore. If you need a lump cash payment then selling your annuity may be the perfect solution for you.

There are plenty of buyers who are interested in purchasing settlement annuities and are able to pay cash for them, so it will not be difficult to find a buyer. The problem is finding a buyer who will offer you the amount that you need.

The only drawback to such a solution is the loss that you will be making. Obviously, you will not receive a full cash payment for the entire value of the annuity. The buyers are not making the purchase out of charity. They need to make a profit too. But, you will be able to find a buyer who will be able to offer you a fair amount for your annuity. Make sure that you get as many quotes as you can before you settle on an offer.

Let Companies Compete to Buy your Structured Settlement!

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