Help Getting Out of Annuity

[Amerus]

I have a fixed lump sum payout annuity that was setup for me after a car accident 15 years ago that I am considering getting out of. The problem is I am having trouble finding out how and what the penalties are. My question is, is it possible to pull this money out before the payment date of 2035 and what is the best way to go about this.

That is an expensive endeavor. You will need to locate a company that offers a present value amount, similar to a viatical agreement with life insurance. With interest rates so low, you will likely get a much higher amount that you would in general. The cap rate used to evaluate the value will be low and thus the value high.

 

[annuityseller]

I couldn't of said it better!!

 

[InsureGuy5]

There are a lot of companies out there that will buy your structured settlement annuity for a percentage of what the payout is worth, but it's unlikely that the insurance carrier will play ball with you.

 

[TheKoenigGroup]

Larry, I believe that would depend on the OP's age. If he is 591/2 or older that 10% penalty wouldn't apply.

Bingo, arnguy is right...we need to know more information...

 

[BNTRS]

The real answer here is to seek out someone who deals in structured settlements. They can do and "un-do" them.