When a policy of insurance iseffected by any person on his own life, or on another life in favor of someperson other than himself having an insurable interest therein, the lawfulbeneficiary thereof, other than himself or his legal representatives, isentitled to its proceeds against the creditors and representatives of theperson effecting the insurance. The person to whom a policy of life insuranceis made payable may maintain an action thereon in his own name. A person mayinsure his or her own life for the sole use and benefit of his or her spouse,or children, or both, and upon his or her death the proceeds from the insuranceshall be paid to or for the benefit of the spouse, or children, or both, or toa guardian, free from all claims of the representatives or creditors of theinsured or his or her estate. Any insurance policy which insures the life of aperson for the sole use and benefit of that person's spouse, or children, orboth, shall not be subject to the claims of creditors of the insured during hisor her lifetime, whether or not the policy reserves to the insured during hisor her lifetime any or all rights provided for by the policy and whether or notthe policy proceeds are payable to the estate of the insured in the event thebeneficiary or beneficiaries predecease the insured. (Const.,Art. X, s. 7; 1899, c. 54, s. 59; Rev., ss. 4771, 4772; C.S., s. 6464; 1977, c.518, s. 1.)
When a policy of insurance iseffected by any person on his own life, or on another life in favor of someperson other than himself having an insurable interest therein, the lawfulbeneficiary thereof, other than himself or his legal representatives, isentitled to its proceeds against the creditors and representatives of theperson effecting the insurance. The person to whom a policy of life insuranceis made payable may maintain an action thereon in his own name. A person mayinsure his or her own life for the sole use and benefit of his or her spouse,or children, or both, and upon his or her death the proceeds from the insuranceshall be paid to or for the benefit of the spouse, or children, or both, or toa guardian, free from all claims of the representatives or creditors of theinsured or his or her estate. Any insurance policy which insures the life of aperson for the sole use and benefit of that person's spouse, or children, orboth, shall not be subject to the claims of creditors of the insured during hisor her lifetime, whether or not the policy reserves to the insured during hisor her lifetime any or all rights provided for by the policy and whether or notthe policy proceeds are payable to the estate of the insured in the event thebeneficiary or beneficiaries predecease the insured. (Const.,Art. X, s. 7; 1899, c. 54, s. 59; Rev., ss. 4771, 4772; C.S., s. 6464; 1977, c.518, s. 1.)
When a policy of insurance iseffected by any person on his own life, or on another life in favor of someperson other than himself having an insurable interest therein, the lawfulbeneficiary thereof, other than himself or his legal representatives, isentitled to its proceeds against the creditors and representatives of theperson effecting the insurance. The person to whom a policy of life insuranceis made payable may maintain an action thereon in his own name. A person mayinsure his or her own life for the sole use and benefit of his or her spouse,or children, or both, and upon his or her death the proceeds from the insuranceshall be paid to or for the benefit of the spouse, or children, or both, or toa guardian, free from all claims of the representatives or creditors of theinsured or his or her estate. Any insurance policy which insures the life of aperson for the sole use and benefit of that person's spouse, or children, orboth, shall not be subject to the claims of creditors of the insured during hisor her lifetime, whether or not the policy reserves to the insured during hisor her lifetime any or all rights provided for by the policy and whether or notthe policy proceeds are payable to the estate of the insured in the event thebeneficiary or beneficiaries predecease the insured. (Const.,Art. X, s. 7; 1899, c. 54, s. 59; Rev., ss. 4771, 4772; C.S., s. 6464; 1977, c.518, s. 1.)
