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Benefits of Selling an Annuity
Get the cash quick
when you need it.
Cash out all of your annuity
or only part of it.
If your annuity no longer works
for you,
you have options.
Purchasing an annuity is a great way to secure steady income down the line. But life happens, and sometimes you need your money now, not later.
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Get a quote
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Fill out paper work
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Get your money!
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Questions you may have right now
Let’s take a look at the main types of homeowner insurance you can choose from:
An annuity is a contracted financial product that provides fixed payments over a defined period of time, often used for retirement income. Common types include structured settlements from legal claims and lottery winnings.
Many people choose to sell their future annuity payments for an immediate lump sum of cash. This allows them to access the value tied up in the annuity stream for things like paying off debts, making a major purchase, investing, or supplementing retirement income.
You can sell all or a portion of your remaining future annuity payments to a company like JG Wentworth. They provide a lump sum cash payment today in exchange for the rights to receive your designated annuity payments in the future.
Many types of annuity payment streams can be sold. We will need to review your paperwork to determine if we can purchase your payments.
The process varies, but typically takes around 2-3 months from starting to receiving your lump sum. This accounts for the purchaser valuing your payments, getting insurer approval, finalizing paperwork, and funding your lump sum. More complex arrangements may take longer.
In most cases, no – once the transfer of your payment rights is complete, the sale is final. However, companies often have a cancellation period built into their contract. You should consult with an attorney if you have questions regarding the sale of your annuity payments.
No, selling provides a discounted present-day value versus the total future payments. This accounts for fees as well as giving the purchasing company a profit for providing the upfront cash.
Yes, the lump sum you receive from selling is considered taxable income. However, you were also going to pay taxes gradually on the original annuity payments. That said we are not tax professionals and so you should speak with your tax or financial advisor to better understand the implications of selling your annuity.
It is often possible to sell your annuity payment stream for a lump sum. But you’ll need approval from the issuing entity for the transfer.
Companies estimate the present value of all your future annuity payments using market discount rates. This calculated value is then reduced by a percentage to account for built-in profit margins and transaction fees.
Yes, most companies allow you to sell just a set number of your future periodic payments instead of the entire remaining stream. This provides you with some lump sum cash while still retaining periodic income from the unsold portion.
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