Life Insurance Fairness for Travelers Act of 2007 - Amends the Terrorism Risk Insurance Act of 2002 to require an insurer to make available, in all of its life insurance policies for an insured who is either a U.S. citizen or lawful permanent resident, coverage that neither considers past, nor precludes future, lawful foreign travel by the insured.
Prohibits the insurer from: (1) declining such coverage based on past or future lawful foreign travel by the insured; or (2) charging a premium for the coverage that is excessive and not based on a good faith actuarial analysis.
Allows declination of or limited coverage for travel to foreign destinations for which serious health-related warnings have been issued, or in which an ongoing military conflict or serious unlawful situation is taking place.