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Bill

S 5180

Provides for limited death benefit life insurance policies for persons aged 60 and over

2025 Regular Session Introduced by Leroy Comrie

S 5180 - Provides for Limited Death Benefit Life Insurance Policies for Persons Aged 60 and Over OverviewBill Number: S 5180 Title: Provides for Limited Death Benefit Life Insuran

REFERRED TO CONSUMER PROTECTION
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Bill Summary · S 5180

S 5180 - Provides for Limited Death Benefit Life Insurance Policies for Persons Aged 60 and Over

Overview

Bill Number: S 5180
Title: Provides for Limited Death Benefit Life Insurance Policies for Persons Aged 60 and Over
Status: REFERRED TO CONSUMER PROTECTION
Introduced: February 19, 2025

Purpose and Intent

The primary goal of this bill is to make limited death benefit life insurance policies more accessible and affordable for individuals aged 60 and over. The legislation aims to address the challenges older adults often face in obtaining comprehensive life insurance coverage, which can be critical for financial security and estate planning.

Key Provisions

  • Requires insurance companies to offer limited death benefit life insurance policies to individuals aged 60 and over
  • Caps the maximum death benefit at $50,000 for these limited policies
  • Prohibits insurance companies from denying coverage or charging higher premiums based solely on the applicant's age
  • Mandates that limited death benefit policies be made available at rates that are "reasonable and affordable" for the target age group
  • Requires clear disclosure of policy limitations and exclusions to consumers

Affected Parties and Impacts

  • Older adults aged 60 and over would have increased access to affordable life insurance options, providing financial protection for their families and estates
  • Insurance companies would be required to offer and market these specialized limited death benefit policies to the 60+ demographic
  • Consumers would benefit from more choice and transparency in life insurance products tailored to their needs and budget

Procedural and Timeline Considerations

The bill has been referred to the Senate Committee on Consumer Protection for further consideration and review. If passed by the committee, it would then proceed to a full Senate vote. If approved by the Senate, the bill would move to the House for consideration before potentially being signed into law by the governor.

Compiled from official sources — confirm details with the bill’s official record.

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