As per Investopedia, an annuity is a contract between an individual and an insurance provider where a series of fixed payments are paid out to that person over a period of time.
What exactly is an assignable annuity? An assignable annuity means that your payments can be used as collateral for a loan or can be passed on to someone else.
For example, somebody may pay X amount of dollars to have an annuity that will pay out a set amount per year. An assignable annuity allows you to sell those payments for upfront, lump sum cash.
Some of the largest annuity providers are AXA, New York Life, Jackson National Life, AIG and TIAA-CREF.
It’s commonplace for these companies to provide a structured settlement as an assignable annuity. If you have one of these contracts, and are in need of cash, you can sell those future payments.
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