Buying (or Selling) an Annuity

In order for a customer to sell or for us to purchase an Assignable Annuity Contract, it will need to fall into one of the following categories.

Preferred - Full and complete change of Owner, Payee and Beneficiary of the assigned payments. We must have written approval from the Insurance Company that these changes are in effect.

Secondary - Irrevocable change of Payee and Beneficiary. We must have written verification from the Insurance Company showing that the changes are “irrevocable” and are in effect.

If you own and/or are receiving payments from an annuity, it is a relatively simple process to convert those future annuity payments into the cash you need now. You can check with your annuity provider to identify the procedures for changing who is listed as the Owner, Payee, and Beneficiary for your annuity.

We’d be happy to help with any questions you might have regarding the process or this post.

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