Selling an annuity can often be a very difficult decision as there are so many factors that will go into it. Here are several that come to mind right away.
- The age of the annuity owners
- Whether it’s a fixed rate or variable rate annuity and how much the rate earned currently is
- How much the monthly payments will be and for how long
- Whether there is a beneficiary
- Why the annuity owner needs to sell the annuity
We will take a second and talk about that last point for a second. There are many different reasons why annuity owners ultimately decide that it makes more sense to sell their annuities. Many make a lot of sense. They include the following:
- You have a lot of high interest credit card debt, and it makes more sense to sell your annuity now and get rid of that high interest debt that is crushing you with the payments.
- You have medical bills that aren’t covered by insurance, and you have no way to pay those debts.
- You have suffered damage to your home, car, or another piece of property that needs repairs. You are in need of cash now to take care of those issues immediately.
- You see that there is a better investment opportunity out there that will pay better dividends and need cash as soon as possible.
- You are making a major life adjustment (like going to school, paying for school for a family member, or changing jobs) and you need cash now.
These are all scenarios where it might make sense to sell your annuity now for cash. You are not going to get the full value of your annuity when you decide to sell, but the means are justified. Annuity buyers will look at your annuity and determine how much your annuity is worth to them. While you won’t get full value on your annuity, the amount you do get may be worth it, especially if you work with the right partners.
The best way to ensure you get the most money possible for your annuity is to choose quality buyers, which is why you should choose a reputable team like ours at SellAnyAnnuity.com. We take special care to vet all our partners to ensure annuity owners get the best value and the most transparent process throughout.