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Selling My Annuity Payments For Cash

We Pay More Funding works with individuals to determine their options for selling annuity payments for a lump sum. Annuity or structured settlement payments from a personal injury lawsuit are typically set up to provide a specific amount of money over a set time period which may
include years or even a lifetime.

It is possible to sell your annuity payment stemming from a structured settlement with court approval. The money received from the structured settlement annuity sale is typical not taxable, which is welcome information for those interested in paying down medical bills, paying off debt, buying a home, or having the opportunity to enjoy their life with increased financial means.

We provide our customers with the option to sell their full annuity or part of the annuity. Selling your annuity payments for a lump sum provides you with more cash now, while selling a partial annuity provides a smaller lump sum of cash now with the settlement payments returning to you again in the future. How this looks depends on the specifics of the agreement and your needs.

We Pay More Funding considers the value of the payments, the timing of the payments, the federal interest rates, the insurance company’s rating and the number of payments being sold. We then provide a quote for the lump sum amount that gives the maximum pay-out for our customers.

How do I sell my annuity?

Selling an annuity set up as a structured settlement requires approval from the court in the county you live in. The individual first contacts We Pay More Funding, and we provide a quote. The individual then accepts the offer, completes the paperwork, we obtain court approval, and we provide the cash.

Can an annuity be cashed out?

The annuity can be sold either completely or partially (a set number of payments). We can discuss a quote based on the amount of money you need and help select the best option for you.

Can an annuity be paid out in a lump sum?

When annuities are sold the payment to the annuitant will be in a lump sum. When selling an annuity, a lump sum payment from us may be for only a portion of the annuity, with the settlement payments continuing later to you after our lump sum payment.

What is the penalty for cashing out an annuity?

A structured settlement payment typically does not have a state or federal income tax liability. Personal injury settlements are set up to be income tax free. Selling your payment does not change the tax structure. There are some very rare exceptions to this. We recommend speaking with a financial advisor if you have any concerns.

How much tax will I pay if I cash out my annuity?

If the annuity was set up to provide structured settlement payments for a personal injury lawsuit, the money from the annuity cash out is not usually taxable. However, there are some exceptions identified by the IRS. Talking to a financial advisor is recommended.

What are My Options for Selling My Payments?

If you have decided to sell your annuity then you have a number of options available to you. We Pay More Funding is committed to providing honest and transparent service, and we have outlined our methods below.

Sell the Whole Annuity: As the name suggests, an entirety purchase means that you sell the annuity in its entirety. This action will liquidate the annuity completely so that there will be no more future payments. You will have access to the cash amount that you agreed to during your negotiations to sell the entire annuity.

Sell Some of the Future Payments: If you know how much money you need, but you also like the peace of mind that regular future payments provide you with, then you can choose to sell your annuity in a partial purchase. In this instance the buyer, such as We Pay More Funding, agrees to buy a portion of your future annuity payments, leaving the payments for the remaining future payments intact. That way, you can access the cash that you need while still keeping some form of future payments coming per the terms of the agreement.

Sell a Portion of Your Payments: Similar to the other partial purchase, but a bit different in the arrangements, you can sell portions of your future payments. For example, if your next payment is for $10,000 you can choose to sell $5,000 of that payment and retain the remaining value of the future payment coming in the normal stream. You can of course use this method across multiple future payments.

What are the Common Reasons to Sell Annuities?

There may be many reasons why people choose to sell their annuities. You may wish to access the value of your settlement so that you can pay for your child’s college tuition, or you might want to be sure that you can afford some costly medical bills associated with treatment you have recently received. No matter the reason, you will have to first seek court approval for the deal to be executed. This is to add a layer of protection for the annuitant in an effort to ensure the sale will help their well being and not hurt it down the road.

How Do I Sell my Annuity?

There are several steps in the process of selling your annuity. Once you make the decision to sell, you need to find a reputable company that will buy your annuity such as the team at We Pay More Funding. The sale must be approved by the courts but our team will assist you throughout the process. The judge will determine whether or not the sale is in your best interests, and if so, will approve the sale. Then, you simply need to wait a short time while our team handles the paperwork, and then we pay you by your preferred payment method.

How Much Money Will I Receive for Selling Annuity Payments?

There are many factors to consider when selling your annuity payments. The buyer will need to assess different aspects of the value of the payment, incorporating any fees and other rates that come into play. Two of the factors are described below:

Discount rate: The discount rate is basically what factoring companies decide to charge the annuitant in the sale. It looks at the current market, value of the payments being purchased, when they payout and the fees associated with the deal. Discount rates vary from buyer to buyer, so it is crucial that you seek a range of potential buyers before you make your final decision. It is important to note that the discount rate can often be negotiable.

Present value: This is the current value of the future payments coming from the annuity. Why is this important? Essentially payment that will occur sooner are more valuable then those that pay out a long time from now. Two reasons, among others, behind this are the uncertainties that come with forecasting the future economic conditions as well as inflation.

What Information Do I Need to Sell My Annuity?

There are a few things you need in order to sell your annuity, here are a few of them. Firstly, you must have the original contract outlining the settlement. This is often provided by the insurance company. You must also have a valid form of identification, such as a driver’s license, social security card, or birth certificate. Another document you need is a settlement and release agreement, which will be provided to you by the buyer of your annuity, such as We Pay More Funding. Once all of the documents have been gathered, the sale of your settlement can proceed and head to court. Our team is with you throughout the process for your convenience.

How Will I Benefit from Selling My Annuity?

Your financial situation is going to change throughout your life, and the circumstances that you face when you receive your settlement can be different in years to come. If you need a larger lump sum of cash faster then your payment stream schedule, then you can choose to sell your annuity payments. This offers you the discounted value of your settlement in cash on your timeframe, so that you can afford the things that might arise such as college tuition, medical bills, mortgage payments, or other large financial burdens that you are facing.

Do I Have to Sell All of My Annuity?

No. You have complete flexibility when it comes to selling your annuity. You can sell the whole settlement, or you can choose to sell just a portion of your annuity so that you can put yourself into a better financial position now while enjoying the stability of knowing that you have future payments coming your way.

Do I Get Cash Quickly After Starting the Process of Selling My Annuity?

Yes. The longest part of the process is the court approval, but once that is gained, your buyer is obligated to complete the contract as soon as possible. Buyers such as We Pay More Funding can have your cash to you as soon as a few days after approval. To find out more about how we can assist you in selling your annuity payments call our team today at (877) 431-0704.

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