Why Should I Sell My Annuity?

Old age and retirement is fearful for many persons. To remove this fear and make happy old age government has introduced many schemes and policies. One such thing is the annuity. In this a person may get income which he has invested many years before. So this gives a hassles free life.

There is also another option here in this annuity where the person can get the lump sum money as a whole in hands. It means annuity can be sold to other person or agent who can give back cash in hand.

There are plenty of reasons to the question why to sell my annuity as this is one of the valuable assets for any person. So selling an annuity would be helpful to invest in a new business, start a new venture, other better investing plans etc. It may also help in settling down any loans, dues, pay off debts etc. On the other hand a person may sell his annuity on an idea of purchasing a new house, car or any other thing.

Some people might ask how I would sell my annuity. Selling an annuity is not a difficult thing. There are many experts who would help in explaining about the procedures involved in selling an annuity. The documents related to the annuity should be kept ready. Quotes from various different places can be obtained and best one can be chosen. Even these all things can be sent by envelope to the concerning authority. It takes hardly around 3 – 6 weeks for the payment to be settled if every documents are clear.

There are many options for selling an annuity. If the person has not started receiving the payments he can get more profit by selling the annuity. Even if a person has started receiving the payments he can sell annuity. In this case he may have to pay some fees for receiving the cash in hand.

Some people do not want to sell their annuity on whole; they also want to receive the monthly payment from the annuity. Even in this case it is possible to sell a part of their annuity. In any case some work is required from the owner part for him to stay safe. He should also proof read his papers before signing in to any of them.

Boman Rustom Irani is Chairman of Rustomjee Group and a real estate tycoon. To know more about him visit his Blog