by John Darer CLU ChFC CSSC RSP
An annuitant's representative was able to significantly better the commutation offer of the company holding his client's structured settlement, with our assistance, by shopping around.
According to the representative, who I reconfirmed the information with today, Symetra offered in the range of $25,000 when shopping around resulted in a quartet of offers exceeding $30,000 and the winning bid higher than that.
When a person goes down the road of selling structured settlement payment rights, every dollar often counts. Some people really have no other alternative. Getting more money for selling less could mean a more secure financial future because less is eroded.
The structured settlement commutation programs offered by Allstate and Symetra should be used as a "pick and roll". Use their rate to set a rate cap.
- At or about the time of posting Allstate took a very positive step by lowering discount rate on its Advanced Funding Exchange Notice to 8%.
- Symetra's is known in the market place to be higher than that. Any competing bids MUST beat their discount rate.
Make sure that you get a rate that is inclusive of ALL expenses and don't stop there. Keep shopping like Mr. P did. { See Reader Uses Structured Settlement Watchdog to Get Better Deal] Note that on any given deal one company could be better than the other.
Some factoring companies don't like it when you shop, others encourage it. Some don't like it when you don't shop in their "mall". Tough, it's your life.
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