What is an Annuity?
An annuity is a financial contract written by an insurance company that provides for an immediate or deferred single payment or multiple periodic payments. There are various different types of annuities. Rising Capital can purchase many of these. Please contact us to see if your annuity qualifies for funding. Common annuity types include the following:
Immediate Annuities Benefits begin within one year of the policy being purchased.
Deferred Annuities Payments begin at some future date.
Fixed Annuities When you purchase a fixed annuity, the insurance company invests your funds and provides you with a specific guaranteed return (i.e. you can select a lump sum or periodic payments).
Variable Annuities When you purchase a variable annuity, you generally get to decide how the money is invested, by choosing from a pre-selected list of funds. Accordingly, the returns will vary depending on the performance of the chosen investments.
Qualified Annuities Annuities that are funded with either pre-tax dollars or tax-deductible contributions.
Non-Qualified Annuities Annuities that are funded with after-tax dollars. Sometimes this type of annuity is purchased directly by claimants with money they receive when their personal injury claims settle.
Structured Settlement Annuities Annuities purchased when a claimant agrees to resolve a personal injury tort claim by receiving all or part of a settlement in the form of Periodic Payments on an agreed schedule, rather than as a lump sum. Once a structured settlement annuity is purchased, the insurance company that issues it is contractually bound to adhere to the original payment schedule. While they cannot help you access the value of your future payments, Rising Capital can.
Different annuities include different provisions or riders that may impact your ability to sell the annuity. If you own a non-qualified annuity and are staggered by the cash surrender fees your insurance company charges, contact us to see if we can get you more money. If you purchased the annuity yourself (without employer contributions), the process may be as simple as: Get a Free Quote from Rising Capital by calling us or completing the free quote inquiry (link above). Sign a contract, a Letter of Direction, and an Irrevocable Request to change the Payee, Beneficiary and/or Owner. Receive a lump sum from us as soon as the paperwork is processed by your insurance carrier.
What We Can Do For You
Oftentimes, unlike with structured settlement annuities or lottery prizes, we can purchase a Non-Qualified Annuity without going to court. We can fund Annuity Transfers as quickly as two weeks after you complete Step 2 (above). Selling your annuity payments exchanges the future value of a long-term-payment-plan with a present value lump sum paid in full to the client at the time of approval. For immediate assistance or for more information on selling annuity payments for cash, call our team today at 866.444.5061.