There are many different forms of Single Premium Immediate Annuity Policies (“SPIA”) which are paid out by Insurance Companies. Depending upon the type of SPIA you receive, if the payments are guaranteed, and we can change the Owner, Payee and Beneficiary on the policy, we should easily and quickly be able to assist you in getting the present value for those future payments.
When we evaluate the cash value for your annuity, we need to obtain a complete copy of the Annuity Policy, together with all endorsements attached to it. Most Policies have standard formats which allow for changes to be made, but some policies will have Endorsements attached that overrides any assignment provisions. When requesting a copy of the policy from your Insurance Company, be sure to also request a copy of all endorsements attached to the policy as well.
Also, before you execute any agreement to sell your annuity, check with your Insurance Company on any potential Withdrawal or Surrender provisions that might be included in the policy. You might be able to save yourself some money as typical withdrawal penalties or surrender charges are probably less costly than selling the Policy at a discount.
Now, even though your SPIA policy may have prohibitions to an assignment that should not discourage you from checking in to see if we have a program available for you. With the ever changing laws regulating the financial industry, new rules may be in place that can be used to validate an assignment, or your situation may be classified under a federal hardship where we can obtain an assignment through a judicial process.
For more information, it is best to fill out the Contact Form to the right of this page, and to fax a copy of the obligation to pay to us at 1-561-828-4660. A representative of Parafin will contact you within 24 to 48 hours to determine how we can assist you.