Fixed annuity

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. And just like your home, auto and health insurance, they are backed by the insurance company up to stated policy limits. State insurance guarantees vary from state to state, and may not cover 100% of the Annuity Value. For example, in California the fund will cover "80% not to exceed $250,000."