Fixed AnnuityDuring the accumulation period of a fixed deferred annuity, your money (less any applicable charges) earns interest at rates set by the insurance company or in a way spelled out in the annuity contract.
The company guarantees that it will pay no less than a minimum rate of interest. During the payout period, the amount of each income payment to you is generally set when the payments start and will not change.
Typically, the rate can change on the anniversary of the contract each year during the term.
Read the full disclosure from each insurance carrier for full details of the “Annuity Product” you select.