Should You Get a Quote Before Selling Structured Insurance Settlements?

If you are receiving a structured settlement payment every month from an insurance claim, but the bills are still piling higher, you may want to look into selling your annuity. Selling an annuity is a great way to get a great lump sum in exchange for your monthly payments.

Selling your annuities can be a great process; if you are working with a reputable buyer or company, the sale can go through with both parties happy. The majority of annuity sale laws are for the benefit of you as a seller, and not the buyer. If you want your sale to go off without a glitch, make sure to take advantage of these laws to keep from turning your need to quick cash into a nightmare.

One of the most important steps in selling your annuity is to make sure that you get a quote from your buying company or individual. National US law requires that all fees are disclosed to the seller before the purchase can go through. A purchaser may charge anywhere from 5 to 10% of you total annuity, on top of any fees or taxes.

Before you even begin to consider checking out different companies for the selling of your annuity, you want to come up with a figure you are hoping to receive. Be sure, once you figure out what percentage you would be willing to pay, that you get a quote from each company you are looking into. It's a bit like shopping around for the best price on everyday purchases; everyone charges different fees and percentages, and you can compare different companies and individuals until you find one that meets your needs.

Another thing to consider before you sell your annuity is how much of you total annuity you want to sell. Some places allow you to sell your annuity in pieces; this allows you to get a lump sum and then continue to receive monthly payments. This will allow you get a larger percentage of your money in your pocket.

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