Effective: August 31, 1976
Latest Legislation: Senate Bill 425 – 111th General Assembly
A married person may individually and in such person’s own name, or in the name of a third person with assent as the third person’s trustee, cause the life of the person’s spouse to be insured for such person’s sole use, for any definite period or for the term of the natural life of such spouse, and, if any person obtaining such insurance survives such period or term, the amount of insurance becoming due and payable by the terms of the insurance shall be payable to such person, free from the claims of the representatives of the spouse or any creditors of the spouse.