House Bill 59, sponsored by Hakeem, amends Tennessee Code Annotated, Title 56, by introducing a new provision regarding life insurance policies. The bill defines "life insurance" in accordance with existing law and stipulates that for any life insurance policies issued, amended, or renewed on or after July 1, 2025, once the policyholder has paid premiums that total the amount of coverage, the insurance issuer cannot request any further premium payments from the policyholder.

This legislation aims to protect policyholders by ensuring that once they have fulfilled their premium obligations equivalent to the coverage amount, they are no longer liable for additional payments. The act is set to take effect on July 1, 2025, emphasizing the importance of consumer rights in the insurance industry.