"For Life" Games - Would they offer you a lump sum?Prev TopicNext Topic

• costanza

  

  United States
  Member #127,872
  May 11, 2012
  12 Posts
  Offline
  May 19, 2012, 10:02 am

  ▲▼

  Just sitting here fantasizing about winning one of those Win XXX/Week For Life games and wondering... Would they offer you a lump sum instead of having to send you a check every week for the rest of your life?  If so, how much could you get up front?
• KPaul

  

  Florida
  United States
  Member #128,088
  May 16, 2012
  63 Posts
  Offline
  May 19, 2012, 10:35 am

  ▲▼

  Whether that's offered is going to be based on each individual game and its rules. If you had to have the cash in a lump sum, I'm sure any legitimate win could be converted to a one time payment through any of those places that advertise buying your annuity. Personally, I wouldn't do that. I'm sure they take off quite a percentage to make it lucrative for them. I'd be happy knowing I have a scheduled check coming in on a regular basis. It wouldn't allow for lavish spending, but would be nice for peace of mind.
• SergeM

  

  Economy class
  Belgium
  Member #123,694
  February 27, 2012
  4,035 Posts
  Offline
  May 19, 2012, 1:03 pm

  ▲▼

  I am getting bored of these lump sum or not threads.

  
• dallascowboyfan

  

  Oklahoma
  United States
  Member #82,389
  November 12, 2009
  6,374 Posts
  Offline
  May 26, 2012, 10:34 am

  ▲▼

  Welcome to the LP costanza, sorry I can't answer your question I live in OK and our scratch-off games SUCK!!!!

  I Love Pink & Green 1908
• Ignatius

  

  Indianapolis
  United States
  Member #127,535
  May 3, 2012
  13 Posts
  Offline
  Jun 19, 2012, 4:39 pm

  ▲▼

  In Illinois winners of the "Cash for Life" instant scratch off games have the option of taking a lump sum.  The $500/week for life winner can take a lump sum payout of $762,000, $1000/life doubles that, $2500/life = 2.5x that amount, and $5000/life gets 5x that amount.

  Also if you want to take the "for life" option you'll get your payments quarterly, I know of a $500/life winner that gets a $6500 every 4 months.
• costanza

  

  United States
  Member #127,872
  May 11, 2012
  12 Posts
  Offline
  Jun 20, 2012, 3:10 pm

  ▲▼
  In response to Ignatius

  Quote: Originally posted by Ignatius on Jun 19, 2012

  In Illinois winners of the "Cash for Life" instant scratch off games have the option of taking a lump sum.  The $500/week for life winner can take a lump sum payout of $762,000, $1000/life doubles that, $2500/life = 2.5x that amount, and $5000/life gets 5x that amount.

  Also if you want to take the "for life" option you'll get your payments quarterly, I know of a $500/life winner that gets a $6500 every 4 months.

  So enough to last about 30 years taking the "weekly" payments, not bad.