Any minor of the age of fifteen (15) years nearest birthday or more may, notwithstanding such minority, contract for life, health, and accident insurance on his own life for the benefit of his father, mother, husband, wife, child, brother, sister, or any person having an insurable interest in the life of such minor and may, with the approval of the chancery court, contract for life insurance for his benefit on the life of any person owning an estate of any kind in which the minor is to participate or to receive benefits upon the death of such person, either by inheritance or by will. Such minor may exercise all such contractual rights with respect to any such contract of insurance as might be exercised by a person of full legal age and may at any time surrender his or her interest in any such insurance or give a valid discharge for any benefit accruing or money due thereunder.
The guardian of any minor under the age of fifteen (15) years may, with the approval of the chancery court, contract for life insurance for the benefit of his ward on the life of any person under the conditions hereinabove set forth.
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