Can I open an annuity for a family member, like an elderly parent or spouse?

Yes, you can purchase an annuity for another person. The owner's signature is required by the account forms, and the owner has all the rights with the annuity account. If you don't want the other person to be the owner, he or she can be the annuitant, whose age is used to calculate the income benefit of the annuity. Most annuities have a Joint-Life option that keeps paying Lifetime Income until both spouses pass away.