Preventing unintentional lapses and cancellations of life insurance policies.

HB 2428 requires life insurance companies in Washington to send written notices at least 30 days before coverage lapses due to unpaid premiums. It allows policyholders to designate a third party (like a family member) to receive these notices, ensuring important reminders reach someone who can help prevent accidental policy cancellation. The law applies only to individual life insurance policies - not group policies, monthly payment plans, or one-year term policies - and takes effect January 1, 2027. This change aims to reduce unintended loss of coverage by improving notification processes.