INSURANCE – Amends existing law to revise provisions regarding notice of lapse or termination of individual life insurance.

This bill requires insurance companies in Idaho to notify both policy owners and designated family members when a life insurance policy is about to lapse due to nonpayment. It mandates that insurers send written notice at least 60 days before a policy terminates, with an option for certified mail delivery for policies over $100,000 upon request. The law also establishes annual reminders for policyholders to update their designated contacts and allows for changes to be made more frequently than once per year. These protections apply to individual life insurance policies issued on or after January 1, 2027, but exclude policies with monthly or more frequent premium payments.