(a) An insurance policy in which the guardian of the estate invests must be issued on the life of:
(1) the ward;
(2) the ward's parent, spouse, child, sibling, or grandparent; or
(3) another person in whose life the ward may have an insurable interest.
(b) The ward must be the annuitant in the annuity contract in which the guardian of the estate invests.
(c) Only the ward, the ward's estate, or the ward's parent, spouse, child, sibling, or grandparent may be a beneficiary of the insurance policy or of the death benefit of the annuity contract.
(d) The insurance policy or annuity contract may not be amended or changed during the ward's life and disability, except on application to and order of the court.