(1) A policy upon the life of an individual, other than a policy of noncontributory group life insurance, shall not be effected unless, at or before the time the policy is effectuated, the individual insured, having legal capacity to contract, applies for or consents in writing to the policy and its terms. Consent may be given by another person in the following cases: (a) A spouse may consent to insurance on the other spouse;(b) A parent or a person having legal custody of a minor may consent to the issuance of a policy on a dependent child;(c) A court-appointed guardian of a person may consent to the issuance of a policy on the person under guardianship;(d) A court-appointed conservator of a person's estate may consent to the issuance of a policy on the person whose estate is under conservatorship;(e) An attorney-in-fact may consent to the issuance of a policy on the person that appointed the attorney-in-fact for the limited purpose of replacing one or more policies with one or more new policies if, as the result of the replacement, the aggregate amount of life insurance on the person remains the same or decreases;(f) A trustee of a revocable trust may consent to the issuance of new policies if, as the result of the replacement, the aggregate amount of life insurance on the person remains the same or decreases;(f) A trustee of a revocable trust may consent to the issuance of a policy on the life of a settlor of the trust; and(g) A court of general jurisdiction may give consent to the issuance of a policy upon a showing of facts that the court considers sufficient to justify the issuance of the policy.L. 2011: Entire part added, (SB 11-182), ch. 227, p. 975, §1, effective May 27.
Colorado Legal Code