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 provision allowing them to charge a nominal fee for this service. Additionally, the bill establishes a process for assignees to request notifications and outlines the necessary steps for such requests to be valid.

Furthermore, the bill allows senior citizens, defined as individuals aged sixty-five and older, to designate a third-party individual to receive notifications regarding their life insurance policy, including cancellation and nonrenewal notices. This designation must be communicated to the insurer in writing, and the insurer is required to inform the senior citizen annually about this option. The bill clarifies that the third-party designation does not imply any liability for the designee and ensures that both the senior citizen and the designee receive copies of relevant notifications. Overall, the legislation seeks to provide greater security and communication for senior citizens regarding their life insurance policies.