Daily Archives: 8 February, 2017

Earn Cash by Comparing and Selling Annuity

by gumtau

The term annuity is used for the payment of certain lump sum amount of money to an individual in the installments over the period of time, rather than giving it at once. It can also be termed as structured payment plan where a company, who is acting on behalf of either a government institution or a financial agent, pays to an individual.

It may be possible that you haven’t come across the term annuity, but if you search around; you will found that there are many annuity agents exists. These agents constantly look for those who are ready to exchange their annuity with cold cash. If you want to do this, it is strongly recommended that you should do thorough market survey to secure best deals.

Once a suitable agent has been fixed, he will process all the transaction. You can get the entire amount in cash, which you are supposed to receive as annuity in the future. Only taxes, inflation rate factors and commission will be deducted from the estimated amount. These agents generally complete all the formalities very quickly, as they don’t want to loose a potential customer. It is advised that prior to getting involved in any such contract of encashment of annuity, do the market survey and get benefited.

To know the estimated amount you will receive from the annuity, one should ask for the risk-free quote from the agent. Such risk-free quote keeps you immune from any obligation of pursuing the transaction if you don’t want to undergo the contract. You don’t receive the entire amount of projected annuity; because it is reduced by the agent’s commission (about5%-25%), taxes, processing fees, cost of legal stamps, etc. If you want to compare the estimated annuity amount to receive from the agent, it is better to gather as many quotes as possible and study them to the minute details.

To protect the mutual interests of an individual as well as the company, the later generally frame the rules and guidelines for each transaction. But as usual, it is in favor of the company. Therefore, you have to go in minute details for the quotes. If you want to be on the safer side, it is better to know the required information about the transaction.

While buying the annuities, lot of financial companies set different rules for two different transactions. Some of companies issue the check upfront the moment you finish the required documentation where as for many companies you have to wait for some time. So it is better to know few essential facts about the transaction you are going into, like what payments you have to make? What documents you have to submit? Or, when would the check be ready? Some of the companies may just ask you to sign few documents, where as others may ask you to come frequently and waste lot of time.

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