Bill > HB0059

This bill modifies Tennessee insurance law by introducing a new provision for life insurance policies issued, amended, or renewed on or after July 1, 2025. Specifically, the bill stipulates that once a policy holder has paid total premiums equal to the full amount of coverage specified in their life insurance policy, the insurance company must stop collecting further premiums and is prohibited from requesting additional payments from the policyholder. The bill defines "life insurance" according to existing Tennessee law and is set to take effect on July 1, 2025. This change could potentially provide financial relief for long-term life insurance policy holders by preventing insurers from continuing to collect premiums after the policyholder has paid an amount equivalent to the policy's total coverage value, effectively creating a form of automatic paid-up insurance status.

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https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0059&ga=114