(1) Notwithstanding any law to the contrary, a minor who has attained the age of ten years but has not attained the age of sixteen years, with the consent in writing of his parent or guardian-
(a) may effect a life policy upon his own life or upon another life in which he has an insurable interest; or
(b) may assign the life policy on his own life.
(2) A minor who has attained the age of sixteen years-
(a) may effect a life policy upon his own life or upon another life in which he has an insurable interest; or
(b) may assign the life policy on his own life,
and is as competent in all respects to have and exercise the powers and privileges of a policy owner in relation to a life policy of which he is the owner as he would be if he had attained the age of majority.