How To Sell Your Annuity Payments
Setting up an annuity is meant to be an investment to help you plan for the future. Sometimes, however, the vision that you had does not play out as planned, leaving you in a tight spot where extra cash is hard to come by, even with your periodic annuity payments. When you decide to sell your future annuity payments to J.G. Wentworth for a lump sum, you can rest assured that you’ll receive the cash you’re looking for when you need it most.
Thanks to our extensive experience, the process of selling your annuity payments is straightforward and relatively fast. Here, we walk you through your options for selling your payments and the process itself.
Annuity Sale Options
When considering selling your annuity payments, it doesn’t have to be all or nothing. In most cases, there are three different routes that we can take.
Selling a Portion of Your Payments
When you sell a portion of the future annuity payments that you’ve been guaranteed, it will be in one of two ways:
- Sell Some of Your Payments
- This involves selling all payments during an agreed-upon amount of time. Once the period in which you’ve sold your payments has passed, you will continue receiving your annuity payments.
- Sell a Portion of Each Payment
- You can also elect to sell a part of each payment that you receive, so J.G. Wentworth will receive the designated amount from your payments each time you are scheduled to receive one, and you will continue to collect the rest.
Sell All of Your Payments
Selling all your annuity payments would yield the largest lump sum of cash. In this scenario, we will purchase all your remaining payments. You will receive your lump sum of cash in a one-time payment, and we will collect the scheduled annuity payments that you would have received over time.
How To Sell Your Annuity Payments
At J.G. Wentworth, the process of selling your annuity payments is fast and simple. Below, we take you through our step-by-step process of getting cash for your annuity payments as soon as possible.
Step One: Call and Speak with a Representative
The first step toward getting your lump sum is reaching out to one of our representatives. We will have a few questions about the specifics of your annuity.
Step Two: Receive Your No-Obligation Quote
Once we are able to gather information on your annuity and determine what the options are for getting you your lump sum, you will receive a free quote from J.G. Wentworth mapping out all of the details of the potential sale. Any questions that you may have can be answered by our representatives.
Step Three: Choose the Best Sale Option for You
In many cases, you will receive multiple quotes from us, each with a different approach to getting you your lump sum of cash. You can review the options in each quote, and decide which will be the best choice for you. Once you have found the right plan of action, we can start the process.
Step Four: We Gather All Necessary Paperwork
The next step is for us to gather all of the paperwork that will be needed to finalize your future annuity payment sale. All that we’ll need is:
- A signed copy of your Annuity Contract
- A signed contract where you authorize us to complete the sale
- Change of ownership or payee/beneficiary forms (if required)
Step Five: You Sign the Sale Agreement
At this point, we will already have reached a verbal agreement regarding which option you’d like to choose for selling your payments. We will then draw up the final agreement to be signed by you so that the transaction is in writing.
Step Six: Insurance Company Approves Policy Changes
Once you sign the agreement, the necessary documents will be sent to the insurance company that is issuing your payments. They will process any changes that may result from the sale and send approval to us so that we can proceed with sending you your lump sum.
Step Seven: We Send You Your Money
After we receive approval from the insurance company handling your annuity, we are good to go. We will send out your lump sum of cash right away, and you’ll often receive your money in as little as three days.
Step Eight: You Receive Your Lump Sum
Whether you prefer an electronic transfer of funds or a physical check, we will send your money as quickly as possible so that you can enjoy your lump sum and spend it however you like.
Get A Quote
If you need cash sooner than what your annuity payments can provide, make the call to J.G. Wentworth and receive a free, no-obligation quote in minutes to see what you can get for your future annuity payment stream.