1. There shall be a provision as follows:
2. The last sentence of subsection 1 may be omitted from any policy which the insured has the right to continue in force subject to its terms by the timely payment of premiums:
(a) Until at least age 50; or
(b) In the case of a policy issued after age 44, for at least 5 years from its date of issue.
3. Pursuant to the last sentence in subsection 1, the insurer shall apply the premium accepted in such manner as to place the policy currently in force, exclusive of any applicable grace period, but not in any event to any period more than 60 days prior to the date of reinstatement.