Purchasing an annuity is a long-term financial commitment. The scheduled guaranteed payments that come from annuities help many people keep their finances steady over time. However, once the contract is signed, withdrawing from an annuity too early means facing penalties and taxes. If you have an annuity that you purchased or inherited that no longer fits your financial plan, you can sell your payments for cash to put toward important expenses now.
Lump Sum Cash for Emergency Expenses
Emergencies are hard to plan for, and an unexpected bill can add stress to your finances. Having cash on hand to cover your medical bills, home or car repairs, or unemployment can be difficult when your money is tied up in an annuity. You can avoid going into debt to pay off these bills by getting a lump sum of cash for your annuity.
Funding a Continuing Education
Many people go back to school to further their education and their career. New skills can be put toward a promotion, or earning a new degree can help you find a job in a different field. You may need to spend years saving to afford payments for college tuition if you do not have the funds on hand. Cashing out an annuity can give you the money to continue your education at the best time for your career.
Paying Off Debt
Student loans, credit card debt, and other debt can put a dent in your finances for years if not paid off quickly. The payments you receive from an annuity could be better used if you could receive them together. You can receive a lump sum for your annuity and pay off your debt at one time, taking periodic bills off your financial plan.
Options for Selling Annuities
If you need money from your annuity and want to avoid early withdrawal penalties and you don’t want to surrender the policy, you can sell annuity payments in exchange for cash. You can choose to sell a portion of your payments if you do not want to receive the full cash amount from your annuity. You will receive periodic payments from your annuity if you sell a part of your payment stream. If you need the maximum payout for your annuity, you can sell the entire annuity in exchange for a lump sum.
Novation Settlement Solutions can help you get the maximum amount of cash for your annuity. Call 1-877-711-0661 or use our online form today.