Existing law governs the business of insurance and defines various types of insurance for these purposes, including life insurance, and disability insurance.

This bill would provide that a life insurance policy that includes accelerated payment of part or all of the death benefits, a waiver of a premium benefit, or a waiver of surrender charges, as specified, or an annuity that includes a waiver of surrender charges, shall be deemed to be life insurance or annuity coverage, as applicable and shall not be subject to provisions governing disability, health, or long-term care insurance, unless those provisions also apply to life insurance or annuities, as applicable.