The bill amends the Michigan Insurance Code of 1956 by updating several sections related to life and disability insurance policies. Key changes include the insertion of language that allows individuals to insure their own lives or the lives of others in whom they have an insurable interest, and clarifies that the proceeds of life insurance policies payable to a spouse or descendants are exempt from claims by creditors. Additionally, the bill specifies that if premiums are paid with the intent to defraud creditors, those amounts must benefit the creditors from the policy's proceeds.

Further amendments include the removal of gender-specific language, replacing terms like "husband" and "wife" with "spouse" and "individual," thereby promoting inclusivity. The bill also establishes that dependency for insurance purposes is determined based on the facts at the time of death, and it clarifies the conditions under which dependency terminates. Lastly, it sets forth requirements for disability insurance policies, ensuring that they clearly state the terms of coverage and eligibility for family members. The enactment of this bill is contingent upon the approval of a related constitutional amendment.