§ 26-15-105 — Purchase of life insurance by or for minors or any person of competent legal capacity

(a) Any person of competent legal capacity may contract
for insurance.
(b) Any minor not less than fifteen (15) years of age,
notwithstanding his minority, may contract for or own annuities,
or insurance, or affirm by novation or otherwise preexisting
contracts for annuities or insurance upon his own life, body,
health, property, liabilities or other interests, or on the
person of another in whom the minor has an insurable interest.
The minor, notwithstanding his minority, may exercise all rights
and powers with respect to or under any contract for annuity or
for insurance upon his own life, body or health, or any contract
the minor effects upon his own property, liabilities or other
interests, or any contract the minor owns or effects on the
person of another, as might be exercised by a person of full
legal age, and may at any time surrender his interest in any
such contracts and give valid discharge for any benefit accruing
or money payable thereunder. The minor, by reason of his
minority, is not entitled to rescind, avoid or repudiate the
contract, nor to rescind, avoid or repudiate any exercise of a
right or privilege thereunder, except that such a minor not
otherwise emancipated is not bound by any unperformed agreement
to pay, by promissory note or otherwise, any premium on any such
annuity or insurance contract.
(c) Any annuity contract or policy of life disability
insurance procured by or for a minor under subsection (b) of
this section, shall be made payable either to the minor or his
estate or to a person having an insurable interest in the
minor's life.