SACRAMENTO, Calif. — Insurance Commissioner Dave Jones announced today that Mason Finance is now licensed in the State of California to offer life insurance settlements. Mason Finance joins fewer than 30 other companies that are licensed to offer life settlements in the state.
According to ThinkAdvisor, 86 percent of Americans do not realize that they have the option to sell their life insurance policies to bring in crucial income to cover their urgent expenses. In fact, seniors over 65 lose $112 billion annually on policies that lapse or are surrendered back to life insurance companies. This is crucial income that could have been used to support their retirement and financial planning goals.
“I commend Mason Finance for its innovative and new approach to making life settlements available to seniors whose life insurance policies are at risk of lapsing or who need to access the value of their life insurance policy immediately,” said Insurance Commissioner Dave Jones. “It’s encouraging to see companies developing innovative products and business models designed to better serve the needs of Californians. We welcome more providers to join the California market.”
Mason Finance provides a transparent and accessible service for all policy owners,including those whose life policies are below $250,000 in face value and typically struggle to access the life settlement market. This helps seniors who would otherwise let their life insurance policies lapse and lose the accumulated value of those policies. Mason Finance uses a web-based approach to selling a policy that reduces the time it takes to make a transaction. The company also posts its fee/commission online and will reject any life settlement requests when it is in the senior’s best interest to retain the existing life insurance policy.
“It was a pleasure working with the California Department of Insurance to get licensed,” said CEO of Mason Finance, Felix Steinmeyer. “Like the California Department of Insurance, we believe that seniors everywhere should be able to sell their policy instead of lapsing it. These funds often make a meaningful difference in peoples’ lives. We are proud to bring the people of California a simple, straightforward, and transparent way to sell their life insurance policy.”
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov.