An individual of legal age may in a single written document:

1. (1) consent to the purchase of or application for an individual or group life insurance policy by a third party; and

2. (2) designate or consent to the designation of any individual, partnership, association, corporation, or other legal entity as:

   1. (A) a beneficiary of the policy;
   2. (B) an absolute or partial owner of the policy; or
   3. (C) both a beneficiary and an absolute or partial owner of the policy.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.