If a policy of universal or variable life insurance contains a provision that allows a policyholder to reduce the face amount of the policy, the insurer shall provide a written notice to the policyholder. The notice shall state: that the policyholder’s policy allows for a reduction of the face amount of the policy as an option to retain coverage; the amount to be paid to prevent the policy from lapse; and the insurer’s customer service telephone number. The notice shall be sent to a policyholder’s last known address: at the beginning of the grace period under § 16–202 of this subtitle; and at least 30 days before termination of coverage.