Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The rights and interests of a person under:
(a) a life policy effected on his or her life; or
(b) a life policy effected on the life of the person's spouse or de facto partner;
are not liable to be applied or made available by any judgment, order or process of a court in discharge of a debt owed by the person.
(2) Subsection (1) applies:
(a) regardless of when a policy was issued; and
(b) in the case of a policy referred to in paragraph (1)(a)--whether or not the policy is owned by the person.
(3) This section has effect subject to the Bankruptcy Act 1966 .