Are All Annuities Sellable?
The Annuity Man
Most people aren't aware that there are many types of annuities available. There's not just "one annuity" just like there's not one type of restaurant. Some annuity types are sellable, and some are not.
Single Premium Immediate Annuities (SPIAs), Deferred Income Annuities (DIAs), and Qualified Longevity Annuity Contracts (QLACs) are "annuitized" strategies and are not sellable. "Annitization" means to create payments. With SPIAs, DIAs, and QLACs...you will get your money back, but it will be in payment form.
Deferred annuity types like Variable Annuities (VAs), Fixed Index Annuities (FIAs), and Multi-Year Guarantee Annuities (MYGAs) are sellable. Most of these types have surrender charge time periods when purchased, so those sales charges might apply if you go to liquidate a policy.
There is also a small secondary market that does buy some SPIA or DIA payment streams for pennies on the dollar, but it's not something that should be legitimately considered.
Annuities, regardless of type, are transfer of risk contracts that are issued by life insurance companies. You are transferring the risk to the issuing annuity company to solve for specific goals like lifetime income and principal protection. And by the way, annuities are the only financial product on the planet that provides a lifetime income stream. It's a monopoly benefit that only annuities can offer.
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