What Exactly Is an Annuity?
An annuity is a contractual investment product created and sold by financial institutions, which accept and invest funds from individuals and then, upon the “annuitization” phase, they issue a stream of payments at a later point in time.
They were originally designed to be a reliable form of steady income for an individual during later years in life. Sometimes annuities are also utilized to turn a substantial lump sum into steady income for winners of a lottery or other legal proceedings.
Types Of Annuities
Annuities can be set up according to many factors, such as duration of time that the payments are guaranteed to continue. Annuities can be set up so that upon the “annuitization” phase, the payments will remain so long as the annuitant or their spouse is alive if the proper survivorship benefit is selected.
Annuities can also be fixed to payout over a pre determined period such as 30 years no matter how long the annuitant lives.
The payouts can begin as soon as the lump sum is deposited and the payments are structured.
RightWay understands these often confusing terms and can help you to understand your options when it comes to selling your payments.
Structured Settlement
Structured settlements are another annuity product utilized to award the victim of a personal injury case, malpractice or other lawsuit. This type of annuity is often used by the court system.
They force the reliable party to put a lump sum into an annuity product to issue regular payments as an award for the lawsuit.
RightWay can show you how to sell some or all of your payments from a structured settlement.
Annuity Inheritance From A Loved One
Annuities are often issued for an inheritance from a relative or other loved one, sometimes annuities are set up so that the payments stop upon the death of the annuitant unless a rider was purchased that allows them to designate a beneficiary for continued payments from the annuity.
Get Cash For Your Future Annuity Payment
RightWay Funding has helped many of our customers sell all or just a portion of their future payments for a lump sum of money. Speak to one of our caring professionals and learn what your best options are to better allow you to take control of your cash flow. Let us show you all of your options while helping you to target your financial piece of mind!