(1) Despite any other law, where a person effects a policy on his or her own life and at the time of effecting such policy or at any time thereafter designates an individual as the beneficiary thereof, the money payable under such a policy on the death of the policy holder shall be paid by the insurer to the individual named as beneficiary.
(2) The money payable on the death of the policy holder under a policy to which subsection (1) applies may be sued for and recovered by the named beneficiary under the policy from the insurer as a civil debt.
(3) The signed receipt of the named beneficiary for the sum payable under a policy to which subsection (1) applies shall be a full and complete discharge to the insurer for such sum.
(4) This section shall apply to a policy effected before or after the commencement of this Act.