Selling to obtain cash for annuity now is a tough decision that takes forethought and planning.
Debt is A Deciding Factor Sometimes…
The average household owes $7,200 to credit card companies. Combined with monthly mortgage payments, car loads and other financial burdens, it’s clear that getting large amounts of cash to pay off such debt would be beneficial to many people.
How to Receive Cash for Annuity Now
How to accept cash for annuity is not so complicated. While many types of annuities exist, most annuity owners will be able to sell theirs for cash. The first step to doing so is having the policy reviewed by experts in the industry.
Selling An Entire Annuity or Opting for Partial Payout
Some individuals decide they would rather not sell their entire annuity. For whatever reason, it is a personal decision that can be addressed with a specialty finance company and expert adviser.
The Harsh Reality
As mentioned earlier, debt is a common reality for many households. More than 40% of American families spend more than they earn. Whether it’s the high cost of medical treatment, everyday expenses, or interest on loans, the stress of simply trying to stay afloat can take a definite toll on a family.
What happens when expected expenses arise? A broken bone can cost thousands of dollars for the uninsured. Car repairs or disasters around the home, such as plumbing issues can cost a pretty penny. That’s bad news for the 27% of Americans with no savings at all. What happens then? More borrowed funds?
For those who do have savings, there’s not much available. In fact, fewer than one in four Americans have enough money stashed in their savings account to cover a minimum of six months of expenses. In the event of a job loss, that could spell disaster.
What Could a Large Sum of Cash Do For You?
The advantage of acquiring cash for annuity now is that you can get large amounts of cash without waiting decades or more for an annuity to reach maturity.
For some individuals, the decision to sell is based on a dire need. For others, it means gaining more funds to simply enjoy life more right now. Traveling with the family, purchasing a home that makes life more comfortable, or buying a luxury car for the pleasure of owning something spectacular is reason enough for some people. Others decide to invest in their future, start a business, or educate themselves or their children.
Converting an annuity payment into a lump sum typically happens quickly, although transaction times vary based on the specifics of each contract, the individual circumstances, and insurance company involved.
Need Extra Cash? Opt for a Quick Cash Option!
In the end, the quick cash can eliminate debt, take the hassle out of paying living expenses, and improve every area of life for the average individual. Money is not everything, but it sure can make life easier and more enjoyable for those in need.