How To Sell Your Annuity [ Info ]
The Process, Explained
Selling annuity payments in exchange for a lump sum of cash is simple, convenient, and can be completed in just a few steps with some assistance from an established company with several years of experience in the field.
The Process Typically Includes:
1. Reaching Out to a Representative
2. Getting a Quote for Your Annuity Payment Sale
3. Accepting the Lump Sum Offer for Your Payments
4. Receiving either Court or Insurance Company Approval for the Transaction
5. Receiving Your Cash in a Lump Sum
Setting up an annuity is meant to be an investment that keeps you financially prepared for the future. Sometimes, however, the vision that you had does not play out as planned, leaving you in a tight spot where extra cash is hard to come by, even with your periodic annuity payments. When you decide to sell your future annuity payments to JG Wentworth for a lump sum, you can rest assured that you’ll receive the cash you’re looking for.
Thanks to our experience, the process of selling your annuity payments is straightforward and relatively fast. Here, we walk you through your options for selling your payments and the process itself.
What Are My Annuity Sale Options?
When considering selling your annuity, it doesn’t have to be all or nothing — we can buy a portion of payments, a period of payments, or buy your entire annuity altogether, sometimes referred to as an annuity cash out. In most cases, these are the different routes that we can take:
Selling a Portion of My Payments
When you sell a portion of the future annuity payments that you’ve been guaranteed, it will be in one of two ways:
Sell a Period of Payments
* The buyout of a period of payments involves selling all payments during an agreed-upon amount of time. Once the period in which you’ve decided to sell your payments has passed, you will continue receiving your annuity payments as you were before the transaction.
Sell a Portion of Payments
* You can also elect to sell a part of each payment that you receive, which is sometimes referred to as a partial buyout. In the case of a partial buyout, JG Wentworth will take the designated amount from your payments each time you are scheduled to receive one, and you will continue to receive the rest.
Selling All of My Payments
* If you decide that a lump sum of cash is more valuable to you now than parceled out payments over the course of your annuity, you can choose to sell all of your future payments in a complete buyout. In this scenario, we will determine the full value of your annuity and make an offer to buy all remaining payments. You will receive your lump sum of cash in a one-time payment, and we will collect the scheduled annuity payments that you would have received over time.
Why Sell My Annuity Payments?
There are plenty of reasons why people choose to sell annuity payments. You may want to take a full inventory of your finances, carefully considering your goals, income, and expenses before deciding to sell. Once you’ve determined that selling your annuity payments is the right step for you, there are a variety of things you can do with your lump sum.
Selling Your Annuity Payments
At JG Wentworth, the process of selling your annuity payments is fast and simple. Below, we take you through our step-by-step process of getting cash for your annuity payments as soon as possible.
Step One: Speak with a Representative
The first step toward getting your lump sum is reaching out to one of our representatives at JG Wentworth. We will have a few questions about the specifics of your annuity you’d like us to buy and the amount of money you are looking for.
Step Two: Receive Your No-Obligation Quote
Once we are able to gather information on your annuity and determine what the options are for getting you your lump sum, you will receive a free quote from JG Wentworth mapping out all of the details of the potential sale. Any questions that you may have can be answered by our representatives.
Step Three: Choose the Best Sale Option for You
In many cases, you will receive multiple quotes from us, each with a different approach to getting you your lump sum of cash. You can review the options in each quote, and decide which will be the best choice for you. Once you have found the right plan of action, we can start the process of buying your annuity payments and get you your money as quickly as possible.
Step Four: We Gather All Necessary Paperwork
The next step is for us to gather all of the paperwork that will be needed to finalize your future annuity payment sale. All that we’ll need is:
* A signed copy of your Annuity Contract
* A signed contract where you authorize us to complete the sale
* Change of ownership or payee/beneficiary forms (if required)
Step Five: You Sign the Sale Agreement
At this point, we will already have reached a verbal agreement regarding which option you’d like to choose for selling your payments. We will then draw up the final agreement to be signed by you so that the transaction is in writing.
Step Six: Insurance Company Approves Policy Changes
Once you sign the agreement, the necessary documents will be sent to the insurance company that is issuing your payments. They will process any changes that may result from selling your annuity payments and send notice to us so that we can proceed with sending you your lump sum. In some cases, your annuity payment sale may require court approval. If that is the case, your JG Wentworth representative will advise you of the necessary steps to complete that process.
Step Seven: We Send You Your Money
After we receive approval from the insurance company handling your annuity, we are good to go. We will send out your lump sum of cash right away, and you’ll often receive your money in as little as three days.
Step Eight: You Receive Your Lump Sum
Whether you prefer an electronic transfer of funds or a physical check, we will send your money as quickly as possible so that you can enjoy your lump sum and spend it however you like.