Golden State Mutual Insurance Company
Golden State Mutual Life Insurance Company
Golden State Mutual Life Insurance Headquarters
1999 West Adams Blvd.
Los Angeles, CA 90018-3514
Golden State Mutual Life (GSM) is more than just an insurance company; it is the largest African-American owned insurance firm in the western United States. The company was founded in 1925 and is based in Los Angeles, CA. The company started out as Golden State Guarantee Fund Insurance Company, it’s founders, William Nickerson, Jr., Norman Oliver Houston and George Allen Beavers, Jr., were armed with $17,800 in assets, a small office space in Central Avenue and an army of dedicated agents. Towards the end of their first year, they were able to expand their business in other cities in California and sold over $260,000 in insurance policies.
Today the company has spread over 14 states, offering various financial and insurance plans with over $4 billion in policies. They offer flexible services when it comes to Life insurance. They have whole life insurance, age bundled life insurance and term life insurance, this way you can decide how much you need, how much you can afford and for how long are you able to pay. They also have Universal Life insurance that incorporates cash value earnings with permanent life insurance protection.
Golden State Mutual Life also carries annuity and retirement plans, hospital and financial expense plans that offer payment of premiums of five to twenty years. They offer disability protection in cases where you are not able to work due to an injury or illness. The company also offers hospital expense coverage with any doctor of your choice within the United States and Canada. They also offer real estate services such as commercial real estate lending and mortgage protection to secure you homes future, it is flexible and you only buy the amount that you need, when your mortgage decreases, so does the insurance premium.
Placing a high value in education, GSMLife offers College 18 plan with competitive rates and with an additional whole life insurance covering permanent protection, death benefits and cash value. As long as the premiums are fully paid by the time the child is 18, the policy remains in tact even when your child becomes uninsurable. This however does not mean that full college education costs will be fully covered.
Apart from these GSMLife also places a great importance to church needs. When a church member passes, it is sometimes asked that the congregation pitches in; this can sometimes become an issue. They have a Benevolence Plan that offers a solution for the church and its members, which includes life insurance, charitable gift and deferred gift annuities and covers members up to 85 years old. Another related service is the Pastoral Empowerment Plan with he same coverage.
In 2009, the company went on a rehabilitation plan, the office of the Conservation and Liquidation Office under the Insurance Commissioner of the State of California. Golden State Mutual Life Insurance Company has been ordered to discontinue selling new insurance policies as the company’s surplus plummeted below State requirements. The company entered into a negotiation with IA American Life, a rated-A insurance company, for a reinsurance agreement to protect its policy holders and ensure that premiums remain paid and in force.