Buy My Annuity: What You Should Know About Selling Your Annuity

When you need cash right now for bills, mortgages, education costs or medical expenses, the annual or monthly payments from a structured settlement or annuity may not be enough. You may be wondering, "How do I get someone to buy my annuity?" Before you decide to get a lump sum in exchange for your continuing annuity payments, there are a number of things you should consider.

Finding a Legitimate Company to Buy My Annuity

There are a lot of unscrupulous businesses out there that advertise that they'll pay you a lump sum for your annuity payments. They may offer you less money than you should get, or charge you a fee to process your application. Before you make any decisions about a "cash for my annuity" plan, find out how the process of selling your annuity works in your state. Research several companies and find one with a good reputation and one that is a member of the National Ethics Association.

How to Sell My Annuity

The laws about selling structured settlements and annuities for a lump sum vary from state to state, but the federal government requires that all transactions involving structured payments be approved by a court. It's important that you understand what the law requires in your state before you enter into any agreements. In most cases, the business you contact about selling your annuity will be able to tell you about the process, but you should also do your own research or consult a lawyer to help make sure that you're treated fairly when you sell your annuity payments.

Can I Get Cash for My Annuity Without Giving It Up?

Many companies will consider purchasing part of your annuity. This can be a good option if you need more money than your income stream provides for immediate expenses but don't want to give up your entire annuity. Each business treats these situations differently, so you'll need to discuss the particulars with each company to find out how much you can get and what the terms will be. Again, it's helpful to have your own attorney to read contracts and make sure you're getting the best deal for your needs.

How Much Can I Get When I Sell My Annuity?

The amount you can get depends on many different factors, including the amount of your entire settlement, the amount of your payments and how you receive your payments. Every company has its own way of evaluating your annuity and deciding how much they'll offer you for it. In general, though, you may be able to get as much as 90 percent of the full value of your annuity as a lump sum cash payment.

How Do I Start the Process to Sell My Annuity?

Once you find a buy my annuity company, you'll start the process with a telephone call or by submitting information about your annuity payments on their website. That will get the ball rolling. The company will contact you with information about their offer and the next steps in the process.

Keep in mind that there are many unscrupulous buy my annuity companies out there. Take the time to research several companies and get quotes from more than one before you make your final decision.

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About the Author

+Chris Robertson is a published author of Majon International. All Rights Reserved. Copyright 2013 (Wed Apr 25 2012) Majon International. Majon International is one of the worlds MOST popular internet marketing and internet advertising companies on the web. Visit their main business resource internet marketing web site at: http://www.majon.com