(a) Subject to this subchapter, a minor 14 years of age or older who is without a guardian of the estate of the minor may:
(1) contract for or otherwise acquire a life, term, or endowment insurance policy or an annuity contract, including:
(A) applying for the policy or contract; and
(B) making agreements with respect to the policy or contract or a right, privilege, or benefit under the policy or contract;
(2) exercise all rights and powers in regard to the policy or contract in the same manner as an adult; and
(3) surrender an interest in the policy or contract and give a discharge for a benefit paid under the policy or contract.
(b) An insurance policy acquired by a minor under this subchapter must:
(1) be owned by the minor; and
(2) insure the life of:
(A) the minor;
(B) a spouse, child, parent, grandparent, or sibling of the minor; or
(C) another in whose life the minor has an insurable interest.
(c) A minor who acquires an annuity contract under this subchapter is the annuitant of the contract during the minor's life.
(d) A minor who acquires an insurance policy or an annuity contract under this subchapter, the estate of the minor, or a spouse, child, parent, grandparent, or sibling of the minor must be the beneficiary of the policy or, in the case of an annuity contract, of the death benefit of the contract.