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A Fixed Index Annuity is an insurance contract between you (the potential annuity Owner & Annuitant) and an insurance company. In general, an Index Annuity provides tax deferred growth (i.e., "accumulation") and a selection of market indices (e.g., S&P 500, NASDAQ, Barclays, etc.) and depending on which annuity may be of interest to you, you could also receive a guaranteed, compounding interest rate and an initial "Premium Bonus."
While some, or all of the above listed features and benefits may be appealing to you, it is important to understand whether or not an annuity is the right investment related product for you!
Therefore, in order to objectively evaluate your need (or the lack thereof) for an annuity, you should ask yourself the following questions: