- A insurance agent licensed to do business in your state who is also an appointed agent the life insurance company issuing the annuity, would take your application
- You would sign the application.
- You would give the insurance agent a check made payable to the life insurance company that issues the annuity.
- A short time later (say 30 days) you would receive an annuity contract with your name on it. You would have a certain number of days to look over the contract, mull over your purchase and give it back to the company for a full refund of the money you invested ("free look period")
There is clearly a difference between buying an "annuity" and buying a "structured settlement payment right" as an investor. Those who currently advertise these structured settlement payment rights as "annuities" should consider making it more clear in their advertising what it is they are really selling,
I've heard some rumbling that some life insurers issuing structured settlement annuties who see their brands being indicriminately associated with unregulated derivative products are considering action that might result in some loss of appointments.