Allows a married woman to effect a policy on her own life or the life of her husband for her separate use. The Act further provides that a policy effected by a man on his own life for the benefit of his wife and/or children, creates a trust in favour of the stated objects. The policy proceeds do not form a part of the husband’s estate or become subject to his debts. The same applies when a wife takes out the policy for benefit of her husband and/or children. The Act creates a trust of life policies where, apart from the Act, they would not be created and gives special protection against creditors.