If you are planning to sell structured settlement payments and do not want any delays, it is important for you to have the policy at the very beginning. Having the policy early on saves you time in two ways.
1. The purchasing company no longer has to request a copy of the policy for you. This saves you three or four weeks.
2. The chances of errors occurring are reduced since the buyer has all the correct information from the very beginning. This means time does not have to be wasted on correcting mistakes and redoing paperwork.
H2 Have Your Policy Before Selling Structured Settlement Payments
Even though businesses tend to favor paperless transactions these days, you still need to have a copy of your policy if you want to sell structured settlement payments.
The policy has all the details pertinent to the sale, including payment amounts, dates, and important information from all parties involved namely the annuitant, insurance company, policy owner, and beneficiaries.
Simply put, the policy is the buyer’s record of what the insurance company is paying. It is required that a court of law sees the policy or else the transaction cannot be closed. So if the one selling structured settlement payments has the policy at the very beginning of the transaction, it expedites the process and helps prevent errors that cause funding delays.
Here is an example of a small error that could cause a huge delay: The date of the expected structured settlement payment stated in the disclosure says February 18, 2012, but the payment is actually due February 1, 2012. This discrepancy would raise a flag at the insurance company. What’s worse, it would mean postponing the hearing and the entire process. Though the date is only off by 17 days, the insurance company could force a delay of three months. In some cases, an error may require the parties to start the entire process all over again.
So if you are truly in a hurry to sell structured settlement payments and get your cash, get the policy for the buyer as soon as possible. Such preparedness can mean receiving your lump sum three to four weeks earlier than usual.
