6Policy of assurance for benefit of spouse or children creates trust

### 6 Policy of assurance for benefit of spouse or children creates trust > > (1)  A policy of assurance effected by a man or woman on his or her own life, and expressed to be for the benefit of the spouse or children, or of the spouse and children, or any of them, of the insured shall create a trust in favour of the objects therein named, and the moneys payable under any such policy shall not, so long as any part of the trust remains unperformed, form part of the estate of the insured, or be subject to his or her debts. > > > (2)  The insured may by the policy, or by written declaration of trust, appoint a trustee of the moneys payable under the policy, and may at any time appoint a new trustee thereof, and may make provision for the appointment of a new trustee, and for the investment of the moneys payable under any such policy. > > > (3)  In default of any such appointment, such policy, immediately on its being effected, shall vest in the insured and his personal representative, in trust for the purposes aforesaid. > > > (4)  If, at any time after the death of the insured, there shall be no trustee, or it shall be expedient to appoint a new trustee, a trustee or new trustee may be appointed by the court under the provisions of the [Trustee Act 1898](/view/html/inforce/2026-04-12/act-1898-034) . > > > (5)  The receipt of the trustee or, in default of any appointment, or in default of notice to the insurance office, the receipt of the personal representative of the insured shall be a discharge to the insurance company office for the sum secured by the policy, or for the value thereof, in whole or in part. > > > (6)  If in any case it is proved that any such policy as aforesaid was effected and the premiums in respect thereof paid with intent to defraud the creditors of the insured, they shall be entitled to receive, out of the moneys payable under the policy, a sum equal to the whole of the premiums paid in respect of such policy. > > > (7)  *\[Section 6 Subsection (7) omitted by No. 68 of 1994, s. 3 and Sched. 1 \]*.  .  .  .  .  .  .  .