Requires notice prior to lapse of life insurance policy due to nonpayment of premium.

This New Jersey bill (S 526) requires life insurance companies to provide written notice to policyholders and their agents at least 10 days before a policy lapses due to unpaid premiums. The notice must be sent via mail, email, or phone, using contact information on file with the insurer. This requirement applies in addition to any existing notice provisions already outlined in the insurance policy itself. The law will apply to all life insurance policies issued 90 days after the bill's enactment.