Get Out of Debt by Selling Your Life Insurance Annuity
If you have major amounts of debt, either from a credit card or borrowed against assets like real estate, you’re not alone. Recent numbers on debt levels carried by American families reveal that many of us rely on borrowed money to maintain a standard of living. For example, in June, the New York Times cited an estimate by the Federal Reserve that nearly 75% of American households owe money to creditors, and while the kinds of debt and amounts of these debts change (credit cards and student loans are two top debt types), the fact remains that debt, to most Americans, is very real. Even the smallest debts can snowball if they are attached to high interest rates, where a large amount of money gets added to the bottom line every year. Worse still is debt with compounded interest, where a modest amount of debt quickly grows out of control.
However, there’s a smaller set of consumers and families who have a very effective way to handle a high interest debt. That’s those who hold a life insurance annuity, a structured settlement or other long term payment asset. Your life insurance annuity is meant to pay out money at a future time, but in some cases, you may be able to sell part or all of this valuable asset and keep debt from piling up and possibly damaging your credit score.
SELLING YOUR LIFE INSURANCE ANNUITY
Basically, if you hold a life insurance annuity, you can plan to sell part of your future revenue stream, choosing to receive a larger up-front cash lump sum early. “Cashing out” of a life insurance annuity may involve fees and particular legal requirements, but it can also get your debt problems resolved fairly quickly. You can satisfy creditors and protect your credit. With the right life insurance annuity buyer, you can put together a plan that will help you cancel out existing debt without having to lose your savings and future financial health.
CHOOSING THE RIGHT LIFE INSURANCE ANNUITY BUYER
Part of succeeding with a deal to sell a life insurance annuity is to get the right buyer on your side. Financial firms act as life insurance annuity buyers, taking on the revenue streams and sending out lump sum checks to life insurance annuity holders. It’s important that you get bids from multiple buyers and ask questions to figure out how these firms will work for you, in your own financial interests. Life insurance annuity buyers with experience can help you make the most out of a life insurance annuity sale plan, and can make sure that you get access to your money when you need it in order to pay down debt or pursue other financial goals.
SELLING YOUR LIFE INSURANCE ANNUITY WITH CBC
CBC is an experienced life insurance annuity buyer that can assist a wide range of clients. We provide personal, customized service for life insurance annuity or trust annuity sales, or other similar transactions. We help your financial plan to go smoothly and we keep in touch about the details, giving you the kind of attention that you deserve. Talk to CBC about how to get money out of your life insurance annuity to help you eliminate high interest debt.
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