With respect to any kind of insurance and any type of insurance contract, the insurer may provide for waiver of payment of premium for such causes and subject to such terms and conditions as may be specified in the contract. No life or health insurance contract upon a person, except a contract of group life insurance or of group or blanket health insurance, may be made or effectuated unless at the time of the making of the contract the person insured, being of competent legal capacity to contract, applies therefor or has consented thereto in writing.