Requires notice prior to lapse of life insurance policy due to nonpayment of premium.

This bill requires life insurance companies in New Jersey to notify policyholders and their designated agents at least 10 days before a policy lapses due to unpaid premiums. It applies to individual life insurance policies issued on or after the law takes effect (90 days after enactment), directly affecting policyholders and their insurance producers. Insurers must send the notice via mail, email, or phone - using contact details on file - regardless of any existing policyholder notices about nonpayment. The requirement is in addition to any other notices already mandated by the insurance policy itself. The bill is currently pending in the Senate Commerce Committee.