Ginny didn't have a lot of financial resources, and she wasn't financially oriented
anyway. As a single mother with two children, one in college and one in high school
– Ginny simply had a lot of other things on her mind. As a result she knew she had
to be extra careful when getting involved with any kind of investment.
And she thought she was!
First off, the annuity sounded like just what she needed. If she put in $100,000,
just five years later it was worth $151,000 including the bonus that came with it.
And the annuity was safe, offering guaranteed income.
But when push came to shove, the product she had didn't seem to be the same one
she bought earlier. After five the "cash value" – a term she never heard before
– was worth just $94,000 if she wanted a lump sum withdrawal of the entire policy.
That didn't seem to make sense. Additionally, she learned that she would have to
take her payments over 10 years to realize the full $151,000 account value rather
than the five years she expected, dramatically reducing her monthly checks.
That hurt, but ultimately it was irrelevant since, she needed to get a lump sum
of cash. With her oldest teen in her last year of school, and another about to enter
– Ginny needed cash, and the $94,000 she could get was a long way from the $151,000
she thought she would have.
"I just felt like crying," said Ginny.
Julia, a friend of Ginny's, worked for an insurance agent, and she had seen a lot
of new information about something called the Annuity Purchase Program™. Julia
wondered: Could this program help her friend Ginny out of the tight spot she was
in?
She had Ginny speak with Bill, one of the agents she worked for. "You bought a two-tiered
annuity," Bill explained to Ginny. "They can be very good products, but they can
also be difficult to understand, and under some circumstances – such as yours –
they just don't work at all."
Happily, Bill had a solution. He recently attended a seminar on the J.G. Wentworth
Annuity Purchase Program™ which meant that he had access to the secondary market
for annuity products.
Bill quickly sold Ginny's annuity, and two weeks later, sent her a check for $121,000.
"I was looking at getting $94,000 from the insurance company, so the fact that I
was able to raise $27,000 more than that through Bill's Annuity Purchase Program
was a blessing. I just can't thank him enough."