An individual has an insurable interest in the individual's own life, and an individual of competent legal capacity who procures or effects a policy on the individual's own life may designate any person as the beneficiary and, unless the individual elects an irrevocable beneficiary designation, change the beneficiary at any time thereafter.
Source: L. 2011: Entire part added, (SB 11-182), ch. 227, p. 975, � 1, effective May 27.