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Relating to providing that any person of legal age may insure his own life in a life insurance company and designate any beneficiary or beneficiaries of his choice, and may change beneficiaries in existing policies in like manner, and providing that such named beneficiaries shall have an insurable interest in the life of such insured; providing that employers shall have an insurable interest in the life of their employees, that employees shall have an insurable interest in the life of their employers, and that stockholders of the corporation; providing that such persons and legal entities shall have the right with the written consent of the insured to purchase life insurance on such other persons and to designate the beneficiary or beneficiaries thereof; providing that the provisions of this Act are cumulative of existing law and repealing all laws in conflict; providing for the partial invalidity hereof.