How to Sell My Annuity

In most cases the reason for selling one’s annuity is derived from a need for a large amount of cash right at this moment. For many of us it can be a new investment opportunity, business idea or emergency. You may have your own reasons for wanting to sell your annuity and hopefully you have already spent enough time to make certain that this is the only way to deal with your situation. So, if the mind is made up, let’s talk about the ways to sell your annuity.

Selling Annuity or Transferring Annuity

Generally speaking annuity are not sold, but transferred into another person’s or company’s name. But because nobody is expecting for such a “favor” to be free, therefore the process of transferring an annuity can be referred to as selling an annuity. Here, at Settle4NoLess, we will be using both terms interchangeably.

How Much Does My Annuity Cost?

Finding out the value of your annuity should be free! Whether you are negotiating cashing your annuity directly with your insurance company or with a buyer in the secondary market, you have to compare at least a few offers before settling on some offer. You will be surprised how different their bids may be. (And yes, you can talk to your insurance company about cashing out. However, do not expect their offer to be the best.) The cost of your annuity will depend on the number of payments you are selling and the dates of these payments. (That is true, you do not always have to sell all the payments and the dates of the payments sold can be “chopped” into a number of non-sequential periods.) Remember – when you get a quote from a buyer, it should be free and non-binding to any action. Otherwise walk away from such buyers and look for other companies.

Fixed Annuity Value Calculator
Do not forget to try our new tool! It calculates present value of annuity. The result of the calculation represents the maximum theoretical value considering your monthly payments and fixed interest rate.

How to Initialize Annuity Sale

Get Tax Advice: First of all get tax advice. Consequences from the tax perspective of selling your annuities can differ from case to case. Initial advice is not just recommended but should be a must.

How Much to Sell: Decide how much of your payments you really need to sell. The secondary market of annuities and structured settlements are flexible, and you should always remember that. You do not have to sell all your payments if you do not need that much money. Calculate your needs before taking any actions.

Contact Reputable Buyers: Start with your insurer. Try to get the first quote from them. Then use it as a benchmark for other offers. Pick a few reputable annuity buyers and ask them for a quote. It should be free; therefore the only reason for getting just one quote can be only lack of time to look for better offers.

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