§ 27-4-12 - Provision for exemption from encumbrance, transfer, or claims of creditors.
SECTION 27-4-12
§ 27-4-12 Provision for exemption fromencumbrance, transfer, or claims of creditors. – Any policy of life or endowment insurance or any annuity contract may providethat the proceeds of or payments under it shall not be subject to transfer,anticipation, or commutation or encumbrance by any beneficiary other than theinsured or the purchaser of the annuity, and shall not be subject to the claimsof a creditor of any beneficiary or any legal process against the beneficiary.