Equity-indexed annuity

An indexed annuity in the United States is a type of tax-deferred annuity whose credited interest is linked to an equity index—typically the S&P 500 or international index. It guarantees a minimum interest rate if held to the end of the surrender term and protects against a loss of principal. An equity index annuity is a contract with an insurance or annuity company. The returns may be higher than fixed instruments such as certificates of deposit (CDs), money market accounts, and bonds but not as high as market returns. Equity Index Annuities are insured by each state's Guarantee Fund; coverage is not as strong as the insurance provided by the FDIC. For example, in California the fund will cover "80%, not to exceed $250,000." The guarantees in the contract are backed by the relative strength of the insurer.

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