Need cash fast from annuity payments?
ok so i receive annuity payment from a life insurance company. The policy was made when I was 8 years old and had to wait ten years to even receive the money then when i started to receive the money a couple of months ago i only recieve a very very tiny amount every 3 months and that's suppose to last for 4 years even after me having to wait 10 years to just starting to receive the money. i want to call the insurance company and see if i can receive all my payments now but the paperwork says non-participating and i don't know what that means. i tried Jg wentworth and Peachtree and they said they wouldnt be able to purchase my annuity. So my question is: Is there any other alternative for me to recieve my money or is it possible for me to take out a large loan from a bank or a company and be able to pay it back using my annuity checks. I am in a really tight spot right now and really need money fast. I have a job but that isnt cutting it and im in the military also and have near perfect credit so I'm sure the loan shouldn't be no problem just need more information and help on this subject.
Asked By: confused in daze - 6/2/2012
Best Answer - Chosen by Asker
I think you're not understanding what an annuity is. It's NOT a savings account, where you own the principle, and a little bit gets doled out each month. The INSURANCE company owns the principal, and the annuity is a promise to pay you that little bit each month. Sounds like this was set up to be some kind of... More
Answered By: mbrcatz - 6/2/2012
Additional Answers (2)
There are some places that will buy your annuity for a one lump sum cash. Problem is, it is a big ripoff and you will only get pennies on the dollar so you should not do it.
Answered By: car253 - 6/2/2012
Reading what you said about your age this appears to be the annuity from a structured settlement. Normally paperwork from the insurance company will says surrender clause or surrender fees in it BUT... More
Answered By: dawn_19026 - 6/4/2012
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