This bill aims to enhance protections for senior citizens holding life insurance policies in Nebraska by requiring insurers to provide specific notifications regarding policy lapses and terminations. It mandates that life insurance policies issued after the bill's effective date cannot lapse or terminate due to premium non-payment without a notice being sent to any known assignee at least thirty days prior to the lapse. Insurers are also required to electronically notify assignees who request such notifications, with a maximum charge of $2.50 for each notice. Additionally, the bill allows assignees to request notifications of premium defaults, ensuring they are informed before any lapse occurs.

Furthermore, the bill introduces provisions for senior citizens, defined as individuals aged sixty-five and older, allowing them to designate a third-party individual to receive notifications regarding their life insurance policy, including cancellations and nonrenewals. This designation must be communicated to the insurer in writing and can be revoked by either the senior citizen or the third-party designee. Insurers are required to inform senior citizens annually about this option, ensuring they are aware of their rights and the process to designate a third-party designee.