Structured settlements – Selling Your Annuity Payments
1. Know your payment amounts.
You will be asked for your payment information for an accurate structured settlement quote. So you will need to make sure you include your monthly payments and future lump sums if applicable.
A life assurance policy is said to mature when the agreed event has taken place. In the example of a life term policy this could be when a person dies or when they reach a certain predetermined age. This policy is only valid if the premiums have been paid or it is agreed that any unpaid premiums will be deducted from the sum insured. This naturally cannot exceed the amount of the policy. Once the value of the policy has been reached then the insurance policy is declared 'null and void'
Another thing to think about is how much you can sell your annuity for. There are specific companies that will buy your annuity. These companies range from very good and trustworthy to companies that you probably do not want to deal with. It is best to do your research to find a reputable company to ask for a quote on what they would buy your annuity payments for.
Another option is that you can get quotes from a few different companies to compare what your payments can be sold for. The Better Business Bureau can also point you in the right direction to find a company they feel is okay to work with on these types of transactions.
Once this loan with interest has been paid back the insurance policy is once again free and clear and returned to the policy holder. This is simply achieved by the mortgagee re-assigning the insurance policy back to the person assured.
For any life insurance policy holder this method of receiving cash for a structured settlement has several advantages. They receive a cash payout to do with as they will and they maintain the full value of the life insurance policy
Resource Author Francisco Rodriguez H.
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