Winning an annuity settlement is a great thing that can help you secure your future. Whether it be from a lawsuit, insurance claim, or even lottery payments many people enjoy the annual income they can provide. However, the business of selling an annuity settlement to third-parties has become more and more popular over recent years as people want to be in control of their money immediately. Even an “immediate” annuity doesn’t start paying out until 30 days generally. There are a lot of things you can do once you get cash for annuity payments. You could put a down payment on a house, pay off student loans, or even invest in a personal startup business just to name a few. If you want access to your money now, here are three of the primary ways to get cash for annuity payments.
1.) Online: You can find virtually anything online these days and businesses that are looking to buy annuities are no exception. A quick query will provide a plethora of options to choose from. Search around and pick out some of the companies you’re most interested in and then take the time to do research on them. Once you’ve determined they’re a legitimate business you can contact them and start the process.
2.) By Phone: Stay up past 10:00 pm on any given weeknight and you’re bound to come across at least one commercial advertising annuity purchasers. For those that either don’t have access or just don’t prefer the internet they will give you a toll free number in most cases to call. Again make sure you do you’re homework beforehand, but talking over the phone can make it easier to discuss terms and specifics of a potential deal.
3.) In Person: It might sounds old-fashioned at this point, but there’s nothing wrong with finding a local company near you and walking right into their office. The downside is the variety of different options will not be as plentiful, but what you lack in opposing leverage you might be able to make up with face-to-face negotiations. If you consider yourself a savvy haggler this might be your best course of action.
Getting cash for annuity payments can be a difficult choice to make, but keep in mind 92% of the people that do are happy with their decision, according to one study. You can even take some of the money you get and invest it into a separate annuity, but remember most experts recommend no more than 30% of your investment portfolio should be in annuities alone.