If you have an annuity you know that you will be receiving regular payments over a period of time. While this can be helpful in some cases, you may prefer to have the money paid out in a lump sum. Annuity settlements can provide you with some options for changing the payout of your annuity and allow you to obtain the money you need for your current bills and expenses.
What are Annuity Settlements?
An annuity settlement is a way to obtain money owed in a lump sum rather than in payments. A structured settlement is a common arrangement for providing payment for money owed through a legal proceeding. Instead of receiving regular payments over a period of time in a structured settlement, you may prefer to take the money in a lump sum payment. This one-time payment will account for the money owed so you can use it now rather than later. An annuity settlement option gives you the ability to get the money in one payment instead of waiting for future payments.
What are the Advantages of Annuity Settlements?
The most important advantage of taking a lump sum payment is that you can have access to your settlement much more quickly. You will be able to get the money right away. You might be struggling to pay bills or you may want the money to buy a house. There is no need to continue having financial problems when you have money that you can access in a lump sum payment.
How Much Is My Annuity Worth?
You will need to calculate the value of your annuity based on the number of payments and amount of each payment in the settlement. Everyone’s annuity could be structured differently and has a unique value. When you take a lump sum payment it will be valued at less than the total amount of the annuity due to the way annuities are structured. Therefore, it is best to find out what your annuity is worth before you choose to take a lump sum payment.
When Can I Take a Lump Sum Payment?
When you have a structured settlement in place you may be able to convert it to a lump sum payment at any time. Once the settlement is in place the funds are guaranteed and therefore you can obtain the money in one payment if you choose to do so. You will need to fill out an application with a reputable annuity funding company. Make sure that you choose a company that provides the highest payout that is possible for your structured settlement.
At We Pay More Funding we offer the best annuity settlements payouts in the fastest processing time possible. The lump sum payment will be provided to you quickly via check or through a direct deposit to your bank account. Soon you will have access to the money that you are owed and can use it for whatever needs you have. Contact us today to fill out an application for a lump sum payment.