Lump sum versus annuity

Winning a structured settlement annuity is a time for celebration and excitement. A successful lawsuit is one of the most common ways to obtain one considering the majority of cases (80 to 92%) end up settling outside of court, but insurance claims, or even lottery payments could be the source as well. The business of selling an annuity settlement to third-parties has become more and more popular over recent years as people want to be in control of their money immediately. Even an “immediate” annuity doesn’t start paying out until 30 days generally. There are a lot of things you can do once you sell your structured settlements. You could buy a house, pay off medical bills, or even follow your dream of starting your own business just to name a few. If you want access to your money now, here are three ways to sell your structured settlements.

    1.) Use the Internet: You can find virtually anything online these days, and businesses that are looking to buy annuities are no exception. A quick query will provide a plethora of options to choose from. Be diligent and search for the best options. Once you’ve picked out some of the companies you’re most interested in do more research on them. If you can determine they’re a legitimate business, contact them and try to make a deal.

    2.) Call Them: You’re bound to come across at least one commercial for structured settlement purchasers if you watch some television past 10 o’clock at night. For people that either don’t have access, or just don’t prefer the internet this is a great method. In most cases they’ll give you a toll free number to call so it won’t cost you anything either. Again make sure you do you’re homework beforehand, but talking over the phone can make it easier to discuss terms and specifics of a potential deal.

    3.) Face-to-Face: It probably sounds old-fashioned, but there’s nothing wrong with finding a local company near you and walking right into their office. The downside is the variety of options will not be as plentiful, but what you lack in opposing leverage you might be able to make up for with face-to-face negotiations. If you consider yourself a savvy haggler this might be your best course of action.

However you go about doing it probably won’t make much difference in the end as far as financial terms, but it will make the process more enjoyable if you select a method that suits your personal preference. Keep in mind, 70% of all lottery winners lose all their money within five years no matter how much they won. Don’t sell your structured settlements and blow through the cash. Come up with a sound budget and put enough away to set yourself up for a secure future.

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