Hi folks, J.G. Wentworth here. When folks call us to talk about selling their annuity payments for cash, one of the first things they usually ask is how long the process takes – and how quickly they can get that cash into their pockets. In today’s blog we would like to break down the process of selling your annuity payments for cash into five steps.
Step one: Call J.G. Wentworth
Your first step is to call J.G. Wentworth to discuss your own annuity and see if you qualify to sell your payments. If you have your annuity contract on hand, you can fax or e-mail it to us. But even if you don’t we may be able to contact the insurance company holding your annuity to get the confirmation we need to move forward.
Step two: Customize Your Payment Options
If you qualify to sell your annuity payments, we then work with you to determine how much money you would like to take out of your annuity plan. Would you like to fully liquidate your annuity – in other words, sell your full payment stream once and for all? Or would you like to arrange just a partial liquidation, one in which J.G. Wentworth purchases only a portion of your annuity payments, giving you both cash now and a portion of your annuity payments down the road when they are scheduled to come due? The important thing to note here is that J.G. Wentworth will carefully review all your options and help you find the best solution to your specific financial needs.
Step three: Receive and Sign Your Purchase Contract and Ancillary Documents, and Get them Back to Us Immediately
Once we have finished discussing the specific details of your transaction, the next step is to draw up and sign an official contract. You should know that to get these official documents back and forth between us we frequently use companies like FedEx, which delivers things to us the very next day. That means that in many situations folks call us one day, receive a contract the next, and return it to us the day after that! How fast is that?
Step four: Our Underwriting Department Reviews the Transaction and Sends the Necessary Forms to the Insurance Company Holding Your Annuity
Once our Underwriting Department reviews the transaction – which often takes no more than a day or two – comes the longest part of the process: getting the insurance company holding the annuity to make the necessary changes to your original annuity. The good news here is that J.G. Wentworth has numerous contacts among a wide range of insurance companies, so we can reach out to them to try and get them to move quickly on our transaction. The average time required for this part of the process is between 10 and 20 business days. In some cases it could take over a month – while in others it could take less than a week!
Step five: You Get Your Cash!
Once the insurance company finalizes the transaction comes the best part: you get your money! Usually this occurs within 48 hours of your insurance company’s final approval.
The bottom line? When you break it down, selling your annuity payments for cash is less complicated than it appears! And that’s just how our customers like it – and why J.G. Wentworth remains among the largest and most respected annuity purchasing companies in the country. For more information, please give us a call at 877-227-4713.