Direct answer
A fixed annuity is a contract with an insurance company where you pay a premium in exchange for guaranteed, set interest rates and fixed periodic payments. It works by pooling your funds with other investors, where the insurer guarantees the principal and a specific rate of return regardless of market fluctuations.
Standard insurance product contract disclosures and state-regulated annuity guidelines. For additional information about the regulatory framework governing these products, see the National Association of Insurance Commissioners‘ consumer guides.
What this means for you
A fixed annuity is a contract with an insurance company where you pay a premium in exchange for guaranteed, set interest rates and fixed periodic payments. It works by pooling your funds with other investors, where the insurer guarantees the principal and a specific rate of return regardless of market fluctuations.
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