(2) Where a person who has effected a policy on his or her life dies after the coming into force of this Act, the moneys payable upon his or her death under or in respect of such policy shall not be applied or made available in payment of his or her debts by any judgement, order or process of any court, or by a retainer, an executor or administrator, or in any other manner, except by virtue of a contract or a charge made by the person whose life is insured, or by virtue of an express direction contained in his or her will or other testamentary instruments executed by him or her that the moneys arising from the policy shall be so applied.