subject: Fast Money Tip – Get Your Structured Settlement Policy Before Selling [print this page] Did you know that if you are receiving payments from a structured settlement annuity, you have the right to sell all or part of your future payments in exchange for a lump sum of cash now. An important reason for selling structured settlement payments is unavailability to other forms of ready cash, such as loans, or liquid assets. Therefore, receiving the cash quickly in order to meet whatever financial challenges the seller is facing is critical.
One way to speed up the sales process is to have the structured settlement annuity policy available. When you have the annuity policy, you save time in two ways.
First, you help the structured settlement factoring company or buyer from having to request another copy of the annuity policy for you. This shaves at least three or four weeks.
Second, you reduce the chance of mistakes and miscommunication, because the structured settlement buyer has all the correct information from the beginning. Less chance of error means less chance of having to fix mistakes and re-do legal paperwork. Which saves time when you have one thing on your mind: sell your structured settlement payments and receive your cash now.
The annuity policy provides all of the important details about the payment stream you are due, including payment amounts and dates and all of the parties involved in the transaction: you (the annuitant), the insurance company, policy owner, and beneficiaries.
Since the transaction must be court approved, the court must confirm the annuity policy exist and in addition, a closing will not occur until the factoring company or buyer has the annuity policy in its possession. So if the seller has the annuity policy at the onset of the transaction, it accelerates the process and helps eliminate mistakesa major cause for funding delays.
So it makes sense to get the annuity policy to the structured settlement factoring company as early as possible. It also makes sense for people who sell structured settlements to find the annuity policy by searching in their files, boxes, or drawerswherever they stored it.
In conclusion, it is worth for the seller to take the time and effort to find the annuity policy directly so the structured settlement buyer doesn't have to wait weeks to get it from the insurance company. And the sooner the structured settlement factoring company gets the annuity policy, the more accurate the documents and the less chance of mistakesand delay.
Fast Money Tip Get Your Structured Settlement Policy Before Selling
By: George Sirgo
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