(1) A spouse may effectuate such insurance upon the other spouse.
(2) Any person having an insurable interest in the life of a minor, or any person upon whom a minor is dependent for support and maintenance, may effectuate insurance upon the life of or pertaining to such minor.
(3) Family policies may be issued insuring any two or more members of a family on an application signed by either parent, a stepparent or a spouse in a marriage.
(4) A person may effectuate insurance that provides for the funeral expenses of an adult who is dependent upon the person for support and maintenance.
(5) A person may effectuate insurance that provides for the funeral expenses of an adult if the person:
(a) Is closely related to the adult by blood or by law or has a substantial interest in the adult engendered by love and affection; and
(b) Has a lawful and substantial interest in having the life, health and bodily safety of the adult continue. [Formerly 743.027]