Boynton Beach, FL (PRWEB) July 15, 2014
Florida-based Sell My Annuity, LLC, is offering a fresh perspective on annuities. To help clients determine the most financially beneficial choice for their current situation, they offer a fresh look at the differences between lump sums and structured payments.
According to Sell My Annuity, annuities are beneficial to sell because sometimes the owner benefits more from one lump sum of money than they would from small, periodic payments made over time.
"A younger individual, for example, may benefit from receiving small periodic payments to help manage expenses every month or every year, as opposed to needing to handle and manage a lump sum of money," explains Todd Albert, CTO of Sell My Annuity. "Oftentimes, as that same individual ages, they would prefer to have all of their money today to make investments, start a business or simply to have more financial control. For these individuals, a sale of their structured settlement or annuity payments can make good sense."
According to Albert, the best option largely depends on the client's situation and needs. Offering another illustrative example, he explains that a child who receives periodic payments can help pay for college tuition and living expenses. When this child grows up and begins earning a steady income that can support him or her without help from the periodic payments, it may make more sense for the individual to get a lump sum which they can use to invest.
There are several things that people need to know before they can cash in on their annuities, Albert explains. In his words, they need to "Understand their financial needs, have a plan for what to do with a lump sum, make sure they have received a full and fair price for their annuity, including investigating whether or not the annuity issuer (the insurance company) offers a cash-out or 'surrender' option that offers more money than the sale of their structured settlement or annuity would provide."
Essentially, a person's specific situation dictates whether it will be beneficial for them to receive a lump sum or a structured settlement when it comes to annuities.
Located at 1499 SW 30th Ave. Suite 16, Boynton Beach, FL 33286, Sell My Annuity is an expert in helping clients navigate their decisions regarding annuities by providing them well-researched advice and opportunities. For more information, please visit sellmyannuity.net.