A life insurance policy to which this subchapter applies must provide that if there is a default in premium payments, the value of the policy shall be applied to the purchase of other insurance and the original life insurance policy may be reinstated within three years after the date of default if:
(1) other insurance purchased with the value of the original life insurance policy remains in force;
(2) the original life insurance policy has not been surrendered to the company and canceled;
(3) the company receives evidence of insurability that is satisfactory to the company; and
(4) the arrears of premiums are paid with interest.