IL SB2112

Requires life insurance companies issuing individual policies on or after January 1, 2022 to notify applicants of their right to designate a secondary addressee to receive cancellation notices due to nonpayment of premium

Allows policyholders to designate a secondary addressee at the time of application or any time while the policy is in force by submitting written notice with the designee's name and address

Mandates that cancellation notices sent to secondary addressees must be in the same manner and form as notices sent to the policyholder

Exempts policies with monthly or more frequent premiums collected by a licensed agent or paid via credit card, preauthorized check, or automatic debit

Clarifies that designating a secondary addressee does not create liability for the secondary addressee or insurer, and permits policyholders to designate their insurance agent as the secondary addressee