When people decide to sell annuity payments that they are receiving, they are selling periodic payments on a large sum of money owed to them. Annuity payments may result from:
There are several different types of annuity payment arrangements, some of which provide a guaranteed income for life and others that are for a specified period. But a change in financial needs may mean that you need access to a lump sum of cash now.
Fortunately an annuity is a type of asset that can be valued and sold within a competitive marketplace. CBC Settlement Funding can assist you in liquidating annuity payments into a single large lump sum to better meet your current financial needs.
Annuities have been around for awhile but started to grow in popularity in the mid 1970s. The reasons: the amounts of lawsuit settlements became much larger, and there were changes in the tax code that made it advantageous to receive income payments in this manner.
Selling annuity payments means essentially trading in your steady stream of periodic payments for one large lump sum immediately. This lump sum will be less than the total that you would have received by the end of the annuity payments, but it means having a large amount of money now rather than receiving small payments over an extended period of time.
There are several good reasons for selling annuities. If you are facing sudden, unexpected expenses, for example, it makes sense to seek an annuity payout such as getting cash for structured settlements. It is also possible that you may have an investment or business opportunity that needs to be acted upon right away.
Whatever the reason, selling annuity payments to CBC Settlement Funding is easy. Almost all states have laws in place asserting your legal right to transfer your annuity to another person or business entity.
Whether you are selling a Single Premium Investment Annuity or a Structured Settlement Annuity, all CBC requires is a copy of the annuity contract or settlement and personal identification documents. With a structured settlement annuity, you would also need to file a petition with the court and have a judge grant you permission to carry out the transaction; however, the legal staff at CBC will deal with all court filings and appearances on your behalf.
As far as the total amount you will receive when you sell annuity payments, this is dependent upon a number of factors – including the amount of the settlement, current interest rates, how much has been paid to you to date, and the reliability of the payer.
At CBC, our professionals will take care of the legal filings and process the paperwork for you, should you choose to sell structured settlement annuities or single premium investment annuity payments to us. You may receive your annuity payout in the form of a cashier’s check, or the funds can be transferred electronically to your personal account.