Why Consider Annuities?
Pure annuities evolved as an investment that guaranteed income for a person's lifetime, with minimum periods, such as 10, 15, 20 years or "Joint & Survivor" income.
Then we had deferred annuities, which were used to accumulate funds for retirement annuities.
Fixed Indexed Annuities are the newest development.
These provide a basic guarantee return which may be low but offer indexing to S&P 500 or some other index.
A very good feature available on some of these is that an applicant may qualify for a Long Term Care Insurance rider.