[ Text of section effective until March 31, 2012. Repealed by 2008, 521, Sec. 27. See 2008, 521, Sec. 44 as amended by 2010, 409, Sec. 23 and 2011, 224.]

  Section 25A. The trustee under a will or other instrument may, if the trust does not otherwise provide, invest the income or principal of the trust fund in policies of life or endowment insurance or annuity contracts, issued by a life insurance company duly authorized to transact business in the commonwealth pursuant to chapter one hundred and seventy-five, on the life of any beneficiary of the trust or on the life of any person in whose life such beneficiary has an insurable interest.