Which of the following statements about the spendthrift clause is NOT correct?
1) It states that the life policy proceeds will be paid directly to the beneficiary.
2) Once the beneficary has received payments from the proceeds, the creditors can take steps to attach those payments.
3) It helps protect the death benefit proceeds from the beneficiary's creditors.
4) It gives the beneficiary the right to leave the death proceeds with the insurance company to accumulate interest tax free.