Annuity contract?
Do annuities contracts sold by insurance companies always contain a spendthrift clause?
The annuity payout is a form of spendthrift protection itself.
However, if you are worried give or take a few the annuitant signing over his future income from that annuity, you better own a long talk beside the agent prior to signing the contract.
If you are really concerned about protecting a receiver, you can form a trust. That trust may be administered by a large (& stable) edge. The annuity payments can go to the trust if the company allows this. The trust can own any limitations and protections you require.
Your agent can help you. If you do not enjoy one, contact a CLU (Chartered Life Underwriter). This is a very tough designation to buy. The holders are very learned.
Good luck!
P.S. Pay attention to the advice granted above.
Be carefull of "annuity" contracts. Most "variable annuities" are sold to the wrong investors. They're a great source of income for the agent.
Tax defferal benefit is lost because;
Very dignified hidden fees
Tax rate at "earnings" rate instead of property gains rate.
Answers: No such item. It is not up to the insurance company to monitor how money is spent.
Annuity contracts can be "annuitized" meaning that the payout can be structured so that payments are monthly for a specified term of time.