Fairfield gets several calls from individuals looking to selling an annuity. For most, it is their first time looking into this so they aren’t sure where to start or even what questions to ask. In response to that, we have come up with some of the most common questions we are asked. Additionally, we have provided what Fairfield’s answers would be if you worked with us. If you are considering Selling Your Annuity, we hope this gives you a good start!
1. What is the Time Frame for Selling My Annuity?
Fairfield’s Answer: The time frame for selling your annuity will vary. Specifically, it depends on the type of annuity it is, the insurance company issuing the annuity and the state you reside in. Generally, the time frame can range from 15 days to 60+ days. It will all depend on the specifics.
2. What will the Final Net Amount to Me be?
Fairfield’s Answer: The net amount to you when selling your annuity will be the absolute most we can get you. It will vary based on the payment dates and amounts but we always strive to give a top offer to all customers. Additionally, we disclose the exact net amount and do not play any tricks in regards to adding in hidden fees.
3. Is Your Company a Member of the National Association of Settlement Purchasers (NASP)?
Fairfield’s Answer: Yes, we are proud members of NASP along with a few other companies who strive to hold groups in this business accountable and honest and assist in having statutes in place that protect payees and companies. When selling your annuity, you most definitely want to work with a company that is a member of NASP.
4. What type of Annuities Can You Buy?
Fairfield’s Answer: We purchase structured settlement payments that are a result of a lawsuit. We purchase lottery payments paid from a State Lottery Agency and last, we buy investment annuities that individuals set up and own. All of these are considered “annuities”.
5. What type of Annuities Do you NOT Buy?
Fairfield’s Answer: We cannot purchase pensions, retirements annuities received from employment, workers compensation payments, variable indexed annuities and company buyouts.