You may say an annuity is insurance in reverse. Instead of you making monthly payments and getting a lump sum upon death, you invest a lump some and receive monthly payments for a set period of time.
You can arrange to get guaranteed income for life.
The amount of your payments depend on the rate of interest at the time of purchase. The higher the interest rate, the higher your payments will be. It is better not to put all your money into an annuity when interest rates are low. Which type of annuity you invest in will also affect your monthly amount.
Confused? Ask Direct Settlement for advice.
Term certain annuities: an annuity that guarantees a set monthly income for as many years as you want, usually up to 90 years of age. If you die before all of your payments have been received, the remainder goes to your estate.
Life annuities: this type gives you a set monthly income for life. Payments stop when you die and no further payments go to your estate. Extra options can be added.
For example, you can set your annuity to continue to make payments to your spouse after your death. Also, you can get an annuity that increases your income to keep up with inflation. But each extra option will likely lower your monthly payment.
Remember: You buy an annuity to get guaranteed income. However, your situation may change. Your personal needs and wants can change.
Some people discover that retirement is not what they anticipated, and begin consultancy work or a new business, so there is no need for steady monthly payments.
What are annuities worth to you today? Perhaps you have found a better use for your capital, you just feel it is time to diversify your investments, or your children need help with a downpayment on their first home.
Whatever reasons you have for wanting to sell your annuity, Direct Settlement can help. We will take those annuity payments and exchange them for cash in your hands.
Maybe you inherited this annuity from a relative? We understand that everyone has different needs, that is why we personalize options to provide you with the maximum amount of money for your annuity. With our superior customer service you are supported throughout the entire process.
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How can you Sell Your Settlements?
You can also cash in Annuities