by Structured Settlement Watchdog®
Sell My Annuity LLC of Boynton Beach, FL offered $250 cash by FedEx just to get a quote for your annuity or structured settlement with no obligation. Sell My Annuity can pay people to come to the "party", but what does that say about its self image?
The Sell My Annuity website located at sellmyannuity(dot)net misrepresents various insurance companies as structured settlement annuity providers and utilizes those companies trademarked names and/or logos in furtherance of the delivery of the misleading information to American consumers and to investors in structured settlement payment rights. It is our policy to notify the owners of the trademarks when we see them being utilized in this manner.
The following companies, among others, are falsely represented by Sell My Annuity LLC as structured settlement providers:
- Northwestern Mutual (trademarked logo used). Northwestern Mutual products are only available through its captive agents. Steven Mackey, the registrant of Sellmyannuity.net and the registrant for Sell My Annuity LLC with the Florida Secretary of State (see www.sunbiz.org ) is not listed as an advisor or agent on the Northwestern Mutual website.
- Allianz
- American Equity
- American National (trademarked logo used)
- Americo (trademarked logo used)
- Aurora National (which services the run off of old Executive Life Insurance Company (CA) contracts since about 1993, according to a company representative I spoke with this morning and does not write any new business). A visit to the Aurora company website to the Aurora National company website shows a rudimentary Web 1.0 interface bearing many pages with a copyright for the year 2000 and last modified dates at least 12 years old!
- Protective Life (trademarked logo used)
- Reassure
- Riversource
- Royal Life
- Security Mutual (trademarked logo used)
The trademarked logo of current structured annuity issuer Pacific Life is being used by Sell my Annuity LLC
It is my policy to notify the insurers of use of their logo on such sites.
Then there is the misinformation on the Sell My Annuity LLC Site
A. "The structured settlement annuity is offered by the insurance company who insured the party responsible for the injury as a way to compensate the personal injury claim victim without paying a lump sum of cash up-front". SellMyAnnuity.Net July 16, 2014 (emphasis added)
This is a common technique used by cash now pushers to unsettle annuitants and give them the false impression that they have been duped. The fact is that a structured settlement is funded at the time it is created, soif you are structuring $500,000 of your $1,000,000 settlement then $500,000 is paid up-front for the structured settlement by the Defendant or the Defendant's insurer.
B. Sell Your Annuity LLC asserts that "The best way to determine the value of your structured settlement or annuity is to contact a structured settlement purchaser". There's no surprise there is there?
A settlement purchaser is useful only if you need to sell, or perhaps if you need to establish a fair market value for structured settlementpayment rights you previously acquired as an IRA investor and are now seeking to convert to a Roth IRA. Do you call a real estate broker every week to find out the value of your home unless you are thinking about selling?
If you had simply gone to Peachtree or Imperial Structured Settlements in the last several years, companies known for low hanging fruit grabbing high discount rates , you might get a lower valuation than going to other settlement purchasers, or individual investors. Some people do not have the time nor the resources to shop around, when they should.
The value of a structured settlement is the stable guaranteed income it provides and the tax advantages, particularly on the larger cases. Having 'a job you can never be fired from', with a steady income is probably of more value to someone who depends on income. Ideally you live on your income without eroding your assets.
Selling your structured settlement payment rights reduces your income by eroding your asset.
Postscript
In 2017 Sell My Annuity gets pimped by Annuity1234(dot)com. Clearly insurers took some action or Mackey got the woolies, because the trademarked logos do not remain. However, by continuing to misrepresent insurance companies that do not issue structured settlement annuities as structured settlement providers, Steve Mackey's site continues to misrepresent the truth in what is obviously a brand jacking exercise.
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