MI HB4350

Amends Section 4037 of the Insurance Code of 1956 to modify requirements for universal life insurance policies.

Replaces mandatory language ("shall") with "must" throughout the section for updated statutory style.

Adds new requirement that insurers provide coverage for reasonable funeral and burial expenses not exceeding the policy's coverage limit if the insured commits suicide.

Updates terminology in policy provisions (e.g., "prior to" changed to "before," "upon request" changed to "on request").

Modifies provision (e) to clarify that new periods of contestability or suicide may apply to coverage increases, subject to the new suicide benefit requirement in subdivision (h).