(a)
(1) It shall be lawful for any married woman, by herself and in her name, or in the name of any third person, with his or her assent as her trustee, to cause to be insured, for her sole use, the life of her spouse for any definite period or for the term of his natural life.
(2) In case of her surviving her spouse, the sums or net amount of the insurance becoming due and payable by the terms of the insurance shall be payable to her and for her use.
(3) In case of death of the wife before the decease of her spouse, the amount of the insurance may be made payable to his or her children for their use, and to their guardian for them, if they are under age, as is provided in the policy of insurance.
(4)
(A) All proceeds and avails of the insurance shall be free from the claims of the representatives of the spouse or of any of his creditors, whether or not the right to change the beneficiary is reserved or permitted.
(B) However, subject to the statute of limitations, the amount of any premiums for the insurance paid out of the funds or property of the spouse with intent to defraud creditors, including interest thereon, shall enure to their benefit from the proceeds of the policy, but the company issuing the policy shall be discharged of all liability on the policy by payment of its proceeds in accordance with its terms, unless, before such a payment, the company shall have written notice by or in behalf of a creditor of a claim to recover for premiums paid with intent to defraud creditors with specifications of the amount claimed.
(b) This section shall not be deemed to give the wife any present or vested interest in any policy of life insurance insuring the life of her spouse unless the wife is the owner in fact of the policy, either directly or through her expressly designated trustee, or unless otherwise provided in the policy.
(c) The provisions of this section shall also govern insurance procured on the life of a wife by her spouse.
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