RCW 48.23.030

There shall be a provision that the insured is entitled to a grace period of one month, but not less than thirty days, within which the payment of any premium after the first may be made, subject at the option of the insurer to an interest charge not in excess of six percent per annum for the number of days of grace elapsing before the payment of the premium, during which period of grace the policy shall continue in force, but in case the policy becomes a claim during the grace period before the overdue premium is paid, or the deferred premiums of the current policy year, if any, are paid, the amount of such premium or premiums with interest thereon may be deducted in any settlement under the policy.

(1) There shall be a provision that the insured is entitled to a grace period of one month, but not less than thirty days, within which the payment of any premium after the first may be made, subject at the option of the insurer to an interest charge not in excess of six percent per annum for the number of days of grace elapsing before the payment of the premium, during which period of grace the policy shall continue in force, but in case the policy becomes a claim during the grace period before the overdue premium is paid, or the deferred premiums of the current policy year, if any, are paid, the amount of such premium or premiums with interest thereon may be deducted in any settlement under the policy.

(2)(a) Except as provided in subsection (3) of this section, at least 30 days before the day on which coverage under an individual life insurance policy will lapse based on nonpayment of the premium, the insurer must send a written notice of possible termination of coverage to:

(i) The policyholder at the policyholder's last known address; and

(ii) A third party designated on the account in accordance with RCW 48.23.530.

(b) An insurer must obtain and, upon request, demonstrate proof of delivery for each notice the insurer sends under (a) of this subsection. Proof of delivery for purposes of this subsection (2)(b) may include records sufficient to show that notices are sent first-class mail using an intelligent mail barcode, or a certified mail receipt, read-receipt for electronic delivery, or tracking confirmation from a shipping service.

(3) The requirements in subsection (2) of this section and RCW 48.23.530 do not apply to:

(a) Group life insurance policies;

(b) Life insurance policies for which payment of premium is due monthly or more frequently;

(c) Term life insurance policies that have a term of one year or less.

Application—2026 c 62: "This act applies prospectively only and not retroactively. It applies to life insurance policies issued on or after January 1, 2027." [ 2026 c 62 s 3.]

Effective date—2026 c 62: "This act takes effect January 1, 2027." [ 2026 c 62 s 4.]