If both the old coverage and the new coverage are provided under group policies: (1) A signed application need not be obtained if all of the following apply:
(a) The premium for the new plan is the same as or less than the premium for the old plan.
(b) The amount of insurance and the level of benefits provided by the new plan are the same as or greater than under the old plan, and the age restrictions of the new plan, if any, are at least as favorable to the insured as those provided under the old plan.
(c) The maximum term of insurance under the new plan is as long as or longer than the maximum term of insurance under the old plan.
(d) There is a clear disclosure to the prospective insured that payment of the required premium constitutes acceptance of the offer.
(2) If an insurer charges insureds the same premium for the new coverage as they were paying for their old coverage, and, as a result, insured debtors of a financial institution are charged different premium rates for the same coverage, such rate differences do not constitute unfair rate discrimination under s. 626.9541.