204Protection of interest of insured

204 Protection of interest of insured

(1) The rights and interests of a person under: (a) a life policy effected on his or her life; or (b) a life policy effected on the life of the person’s spouse or de facto partner; are not liable to be applied or made available by any judgment, order or process of a court in discharge of a debt owed by the person. (2) Subsection (1) applies: (a) regardless of when a policy was issued; and (b) in the case of a policy referred to in paragraph (1)(a)—whether or not the policy is owned by the person. (3) This section has effect subject to the Bankruptcy Act 1966.