Selling Annuities Today

2007-03-08 10:33:40

( Financial )



Selling annuities is fast becoming a household option for people who need, or want, their insurance money at an earlier time. With the growing demand came the mushrooming of annuity purchasers, also called as funders, to meet the needs of annuity sellers.

The Whys
Why are people engaging in selling annuities? Simple: people need money. It is not really a bad thing as these people who are selling annuities are technically cashing in their own money—the premiums they paid the insurance company to give them and their family protection coverage in the future, usually retirement. Retirement, especially for very young employees, is a very long wait—about 20 to 35 years—and insurance companies are quite inflexible with their policies. Annuities require its holders to wait for retirement to come. It does not matter how dire in need of money you are, you will have to wait for the specified time when your money can be paid back to you.

For people in serious need of money, the wait is way too long. Thus, they opt to sell annuity for themselves so that they can access their money right away.

Out in the Open
Choosing to sell your annuity has never been easier. Today, funders are using television, radio, newspapers, and the internet to get their message out to insurance holders: get your money now. For annuity purchasers, you are being given a choice—wait for your insurance money to mature, probably when you have been hospitalized or retired, or cash it now with their quick sell offer. While the legal basis of selling annuities is yet to be finalized, the business is very easily accessible to the public. This alarmed insurance companies.

The insurance industry has been doing everything to make selling annuities illegal. They have spent millions of dollars and have confided with government institutions for the total stoppage of selling annuities. Still, the verdict is yet to come. In the meantime, selling annuities is a choice open for everyone.


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