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- Written by: California Department of Insurance
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 people's' lives. We are proud to bring the people of California a simple, straightforward, and transparent way to sell their life insurance policy."
- Details
- Written by: California Department of Insurance
Assembly Bill 2180, authored by Assemblymember Ash Kalra (D-San Jose), makes changes in law to clarify and improve long-term care insurance and accelerated death benefits statutes.
"As California's aging population and its attendant care needs continue to grow, it is important to ensure statutory improvements like this are adopted to facilitate the policy review process and help provide Californians with more insurance policy choices," said Insurance Commissioner Dave Jones. "I thank the Governor for signing this bill and Assemblymember Kalra for championing it in the Legislature."
California is home to the largest number of seniors age 65 and older in the nation and will grow from about one in five persons by 2030 to nearly one in four in 2040 and beyond.
The expanding aging population will increase the need for long-term care services and may lead to more interest in long-term care insurance as a means to finance those services.
To allow flexibility with long-term care insurance benefits, standards were established to propose an "alternate plan of care" under which an insurer would pay for services not otherwise covered by the insurance policy.
Additionally, many Californians choose to protect themselves by purchasing a life insurance policy that allows them to receive an accelerated death benefit in the event of a qualifying catastrophic or chronic illness.
AB 2180 clarifies standards and processes for the certification of an insured's chronic illness, provides standardized terms and procedures for alternate plans of care, and defines certain benefit payment, claim, and application requirements with improved clarity and/or specificity.
The changes in AB 2180 will help insurers write more compliant forms and will eliminate delays in the policy approval process, which in turn will help insurers bring new insurance products to market faster, while providing consumers more products to choose from.
These changes are effective Jan. 1, 2019.
- Details
- Written by: Clear Lake Chamber of Commerce
The celebration will take place from 8 a.m. to noon, with the ribbon cutting at 8 a.m.
The new store is located at 15930 Dam Road, Unit C.
- Details
- Written by: Lake County News Reports
The 12,405-square-foot, full-line sporting goods store is located at 15930 Dam Road, Clearlake, and will provide a number of new jobs.
Normal store hours are Monday through Thursday, 10 a.m. to 9 p.m., Fridays 9:30 a.m. to 9:30 p.m., Saturdays 9 a.m. to 9 p.m., and Sundays 9:30 a.m. to 8 p.m.
The new store’s grand opening sale kicks off Sunday, Aug. 12, and will feature three-consecutive daily giveaways to the first 50 customers beginning Thursday, Aug. 16, through Saturday, Aug. 18.
An enter-to-win promotion will also be included throughout the five-day grand opening sale.
Big 5 Sporting Goods is a full-line sporting goods store that offers outstanding values on brand name sports equipment, apparel, and athletic shoes for the entire family.
Steve Miller, the president and chief executive officer states, “The emphasis in all Big 5 stores is on providing a wide selection of top quality, nationally recognized brand name sporting goods, while also focusing on providing friendly, knowledgeable service to our customers.”
Miller added, “We are very excited about opening our newest store in Clearlake’s vibrant market and believe the new location will enhance our proven ability to successfully fulfill the needs of sports enthusiasts in the community.”
Big 5 Sporting Goods was founded in 1955 and currently operates 436 full-line sporting goods stores in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming. There are 228 Big 5 stores operating in California alone.
Big 5’s corporate offices are headquartered in El Segundo, and the company’s stock is publicly traded on the Nasdaq Stock Market’s National Market under the symbol BGFV.
Visit Big 5 Sporting Goods online at www.big5.com.