Lots of people who have annuities or structured settlements have questions about selling them. Sadly, they either don’t bother seeking answers or are given incorrect information that causes them to make bad decisions.
There are four cardinal mistakes to avoid if you wish to make selling annuity payments work:
Approaching Only One Company
Even if the buyer’s offer is quite beyond your expectations, it still pays to look around. Approach several companies that are in the business of buying annuity payments and choose the one with the best offer.
Getting Emotional
Selling annuity payments is a business transaction and like most businessmen, annuity buyers want to get more for less. Letting your feelings get the better of you may end up costing you dearly.
Failing to Get Professional Advice
Don’t forger to seek the advice or help of a financial planner or attorney if you plan to sell annuity payments.
Disregarding Your Future Financial Needs
Even though you are in urgent need of cash and believe that selling annuity payments is the way to get it, don’t lose sight of what your future needs might be. As long as you live, you cannot escape the reality of paying bills. How will you pay for them in the future if you sell annuity payments and lose your income stream?
