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.