Section 88.12. Noncancellable and guaranteed renewable policy

(a) All such policies must be renewable to at least age 60, subject to the timely payment of premiums, and shall provide that the company cannot cancel the policy and that the company cannot increase the premium.

(b) In a family policy covering both husband and wife the age of the younger spouse must be used as the basis for meeting the age and durational requirements of the definitions of ‘‘noncancellable’’ and ‘‘guaranteed renewable.’’ However, this requirement shall not prevent termination of coverage of the older spouse upon attainment of the stated age limit, such as age 60, so long as the policy may be continued in force as to the younger spouse to the age or for the durational period as specified in said definition.