Protection of interest of insured

(1) The property and interest of any person in a policy effected (whether before or after the commencement of this Act) upon his own life shall not be liable to be applied or made available in payment of his debts by any judgment, Order or process of any Court. (2) In the event of a person who has effected a policy on his own life dying after the commencement of this Act, the moneys payable upon his death under or in respect of such policy shall not be liable to be applied or made available in payment of his debts by any judgment, Order or process of any Court, or by retainer by an executor or administrator, or in any other manner whatever, except by virtue of a contract or charge made by the person whose life is insured, or by virtue of an express direction 142 contained in his will or other testamentary instrument executed by him that the moneys arising from the policy shall be so applied. (3) A direction to pay debts, or a charge of debts upon the whole or any part of the testator’s estate, or a trust for the payment of debts, shall not be deemed to be an express direction referred to in sub-section (2).