LA HB751

Insurers and producers must provide applicants with a standalone disclosure notice before executing a term life insurance application, which the applicant must initial on each line and sign and date at the bottom

Required disclosures include: total face amount of coverage, policy term length, number of premium payments, amount of each payment, total premiums over the full term, renewal options (if any), and the age the insured will reach at term expiration

Disclosure notices must be printed in at least 14-point type with clear color contrast, separate from all other application materials, and retained by the insurer for at least 5 years after policy expiration

Failure to provide the required disclosure gives the insured a 30-day cancellation window with full premium refund after eventually receiving and signing the notice

Violations constitute unfair trade practices under R.S. 22:1961 et seq., with penalties including potential license suspension or revocation for producers and insurers