Can I sell my annuity?
Most annuity owners have the option to sell their annuity, and J.G. Wentworth has been purchasing
annuities from individuals for over 15 years. Annuity contracts can be complex, and although we can purchase many types of
annuities at various stages in their contract life, each situation needs to be reviewed on an individual basis. Please contact our annuity specialists if you're interested in an evaluation of your annuity contract.
Do I have to sell my entire annuity?
No, frequently partial buyouts are the best option for J.G. Wentworth customers. We help clients carefully evaluate their needs to determine how much of their annuity they should sell, to build a transaction that provides the most flexibility possible.
Should I sell my annuity?
While there are benefits to holding an annuity, there are also reasons people choose to sell their
annuities. Some inherit policies and find they would rather have a lump sum than monthly payments. For others, needs change requiring a different type of life insurance product. Some choose to change their investment or estate planning strategy, while still others find that their original decision to buy the
annuity no longer applies. With the money, clients start new businesses, pay off debt, pay for school or buy homes.
How long does it take to get a quote?
With the proper paperwork we can provide you a quote in just a few minutes. Please call us at 866-433-8610 to receive a free, no-obligation assessment from one of our
annuity specialists. Or, fill out the request a quote form on the left to have one of our
annuity specialists contact you.
How long will it take to convert my annuity into a lump sum?
Transactions are typically funded within two to three weeks from the time we receive a completed contract from a client. Each client's circumstances are unique so completion times may vary. We understand how important your money is to you, and we work very hard to expedite every transaction.
Is J.G. Wentworth selling me another annuity?
No. We aren't selling you an
annuity or exchanging your
annuity for a new one. Instead, we are offering to purchase your
annuity by providing you a lump-sum payment for your
annuity or a portion of your future annuity payments. This gives you the flexibility to leverage your full financial resources to meet your personal financial needs.
What are some estate planning concerns regarding my annuity?
According to current tax laws, many equity and fixed-income investments (such as stocks, bonds, and mutual funds) have the tax advantage of a step-up in cost basis when distributed to heirs; however when an
annuity is received by a beneficiary, he or she may face ordinary income taxes on any gains in the original
annuity contract. This could have a negative impact on the overall wealth being passed on to your heirs. But please consult your tax or legal advisor to understand the impact concerning your specific circumstances.
Will I lose the benefits of tax-deferred interest and gains?
There are many issues to consider when selling your
annuity. One is the effects that selling your
annuity could have on the tax benefits you will receive. You must also take into account the possible gains that could come from reinvesting your
annuity dollars. You should consult your tax advisor to determine if you would be better off accumulating your wealth in a taxable investment account, potentially benefiting from higher returns and lower tax rates on your gains.
What are the direct tax implications of selling my annuity?
According to current tax laws, any gains you incur as a result of selling your
annuity are subject to ordinary income tax. Also, if the sale of your
annuity occurs prior to reaching age 59 ½, any gains may be subject to a 10% federal tax penalty. Ultimately, the tax consequences of your decision to sell your
annuity depend on your individual tax situation. J.G. Wentworth cannot provide you with tax or legal advice, so please consult your tax or legal advisor concerning your specific circumstances. Even if you face ordinary income taxes or a federal tax penalty by selling your
annuity today, you may still want to consider your options.
What if I received an annuity as a gift or through an inheritance?
While regular
annuity payments may have been right for the original owner, they may not suit your situation. Selling some or all of your
annuity payments gives you the flexibility to immediately leverage the gift or inheritance to its fullest potential.
Is it a problem if my annuity contract has a "No Surrender" clause or a "Surrender Fee?"
Generally, "No Surrender" clauses and "Surrender Fees" refer to your ability to surrender your
annuity back to the issuing insurance company. So, in most cases J.G. Wentworth will be able to purchase your
annuity, avoiding the "Surrender Fee" and "No Surrender" situations with the insurance company.
Can you e-mail me a quote?
Every transaction J.G. Wentworth completes is unique because each client has a different set of circumstances. Our underwriters customize each transaction to suit the client's specific needs. We can certainly e-mail any of our documents, including a quote, after receiving proper paperwork and speaking with the client on the telephone. Once this is complete we are able to offer a quote in just a few minutes. Call 1 (866) 433-8610 now to get the process started.
Still have a question? Call 1-866-433-8610 to speak with one of our experienced
representatives.
Note: J.G. Wentworth does not purchase variable annuities.