An insurance policy may not be forfeited, suspended, or impaired, by virtue of any condition or provision of the policy, for nonpayment of any note or obligation taken for the premium, or any part of the premium, unless the insurer, not less than thirty days prior to the maturity of the premium, note, or obligation, mails, postage prepaid, to the insured at the insured's usual post-office address, a notice stating: 1. The date when the note or obligation will become due. 2. The amount of principal and interest that then will be due. 3. The effect of nonpayment upon the policy. 4. The right of the insured, at the insured's election, either to pay the premium in full and keep the policy in full force or to terminate the insurance by surrendering the policy and paying such part of the whole premium as it shall have earned. 5. The amount which the insured lawfully is required to pay or which, on account of previous payment, may be due the insured, in case of the insured's election to terminate the insurance on the day of the maturity of the premium, note, or obligation.
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