Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person who is at least 10 but has not reached 16 may, with the written consent of a parent or a person who stands in the place of a parent:
(a) enter into a policy (including a life policy on his or her own life or on another life); or
(b) take an assignment of a policy.
(2) A person who has reached 16 but has not reached 18 has the same capacity to exercise rights or powers in relation to a policy of which he or she is the owner as a person who has reached 18.