What Is a Pre-Owned Annuity?
A pre-owned annuity very simple it can be defined by three main key points:
1) Higher Yield Returns
2) Flexible Terms
3) A to AAA Rated
Why Selling Your Pre Owned Annuity is Easy
When individuals retire after after working for many years, employers offer retirement benefits such as cash balance plans to express thanks for the services the employee provided.
Many of these employees choose to invest that retirement package in an insurance company, as long as their money is paid back on a regular basis. This arrangement is known as an “annuity”. By buying an annuity, the investor is guaranteed regular income through retirement, or thereafter to him or to his heirs.
A pre owned annuity is one of many popular types of annuity payments. Annuities offer a constant rate of return, unlike the other types of annuities such as variable and equity-indexed annuities.
Sell Pre-Owned Annuity Payments to Take Care of an Emergency Expense
A pre-owned annuity is usually considered to be a good option for conservative buyers and it is known as one of the safest form of fixed term financial products that is able in todays market.
When your choosing to sell your pre-owned annuity payments, the process usually is as follows:
1) Call a financial company that handles pre owned annuity payments, such as Woodbridge Investments and request a quote. The company will usually offer several options that can meet the individuals financial needs.
2) One the individual settles on an option, the company goes through and completes the application process.
3) The company gives the applicant a contract, along with a disclosure statement which he/she will have to get notarized.
4) All relevant documentation is collected from the financial company, process the application and submits them to the court for approval. Please keep in mind, every state is different and the financial company is expected to follow all federal laws in the process of this.
5) The court reviews the application to confirm if it is in the best interests of the applicant. Once and if the application is approved by the court, the finance company will inform the applicants insurance company of the payment transfer. Usually within a matter of a few days, the money is transferred to the applicant.
