Simplifying the Complications
Annuities are offered in contract form. Like any contract there are going to be a number of “small print” exclusions and restrictions. It’s unfortunate that people agree to financial contracts without really understanding what they are agreeing to, but it happens all the time. Even if they do read all of the fine print, most annuity buyers rely on the insurance agent to explain the important details. That’s one reason why it’s so important to choose an experienced, reliable and honest broker when you purchase an annuity.
Many times people purchase annuities as part of their retirement financial planning. The question often becomes one of current economic demands when the annuity monthly payout no longer serves the buyer’s needs. When the income stream proves to be more than is needed for monthly retirement expenses, but a lump sum cash settlement would be beneficial for making a major purchase such as a retirement condominium, it may be time to sell all or part of the annuity. Once again it’s important to use only an experienced settlement broker who will devote all the time necessary explaining the consequences of the decision to sell the annuity.
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