Annuities
Fixed Annuities - are insurance products which protect against the risk of outliving your income. They are insured by licensed and regulated insurance companies, similar to how your home, auto or health is insured.
Fixed Index Annuity - is a tax-favored accumulation product issued by an insurance company. It shares features with fixed deferred interest rate annuities; however, with an index annuity, the annual growth is bench-marked to a stock market index (e.g., Nasdaq, NYSE, S&P500) rather than an interest rate.
Single Premium Immediate Annuity (SPIA) - is a contract with an insurance company whereby: You pay them a sum of money up front (known as a premium), and. They promise to pay you a certain amount of money periodically (monthly, for instance) for the rest of your life.