Annuity glossary

RILA (Registered Index-Linked Annuity)

Sometimes called a buffer annuity. Growth tracks a market index, and a buffer or floor absorbs part of any index loss, but unlike a fixed indexed annuity you can lose money beyond that protection level. It is a securities product sold by prospectus, sitting between fixed indexed and variable annuities on the risk spectrum. The contract explains the available terms, charges, access limits, and payout choices that apply.

Any guarantee is backed by the claims-paying ability of the issuing insurer.