When granting a limited divorce, an absolute divorce, or an annulment, if the court finds from the testimony of 2 or more physicians competent in psychiatry that 1 of the parties is permanently and incurably insane with no hope of recovery, then, notwithstanding any agreement between the parties, the court may require a party to:

(1) pay alimony or support for the benefit of the insane party;

(2) pay a lump sum, based on the life expectancy of the insane party and the financial condition of the other party, together with the insane party’s reasonable funeral expenses; or

(3) give bond to this State conditioned on the payment for:

(i) the care and support of the insane party for the rest of the insane party’s life; and

(ii) the insane party’s reasonable funeral expenses.