Mason Finance, a fintech start-up that provides people with the option to quickly and easily sell their life insurance policy, announced it is now licensed to perform life insurance settlements in California, Arizona, North Carolina, Tennessee and Pennsylvania. With this announcement, Mason Finance now operates in Washington DC and 12 states in the U.S. including: Alabama, Michigan, Missouri, New Mexico, South Carolina, South Dakota, and Wyoming.
State licensure to purchase and sell life insurance policies, also known as life settlements, is difficult to acquire. There are 290 million life insurance policies in force in the U.S., about $12 trillion worth (source), yet very few companies are licensed to buy life insurance policies from consumers, should they want to sell their policy. In California, for example, Mason joins fewer than 30 other companies that are licensed to perform life settlements. (read more)