Married Women's Property Act, 1874
The Married Women's Property Act, 1874 (“MWPA”) was created to secure the assets owned by a woman against her husband, his creditors and relatives. Section 6 of the MWPA covers any insurance policy taken out by a man on his own life in favor of his wife and children. So, if you’re buying a life insurance policy under the MWPA for the benefit of your wife and children, the sum assured will always be their property. It cannot be claimed by your lenders nor will it be considered a part of your busi