Annuities provide insurance against the risk that you'll outlive your money after you retire. They give you the potential to grow your savings and create a guaranteed stream of income you can't outlive. Guarantees are based on the claims-paying ability of the insurance company.
If your goal is protecting what you have, then you should consider a fixed annuity. These annuities provide protection for your principal. They also give you the assurance of a guaranteed minimum rate of interest.
A fixed indexed annuity provides additional growth potential. It combines the benefits of a fixed annuity with the potential to earn interest credits based on the performance of a stock market index.