For those who don't qualify for life insurance, an index annuity can be an attractive option. Index annuities provide a level of protection for your money that is unmatched by traditional retirement accounts.

An index annuity is a financial product that provides a guaranteed minimum rate of return, while also allowing for the potential to earn additional interest based on the performance of a specific stock market index, such as the S&P 500.

Index annuities is that they offer protection for your money. Unlike traditional retirement accounts, which are subject to market volatility and can experience significant losses, index annuities have a guaranteed minimum rate of return, typically 0%. This means that your money is protected, even in a down market when 401(k)'s lose significant value.

Individuals can move their 401(k) or IRA accounts into an annuity penalty-free and tax-free. This means that those who are looking to diversify their retirement portfolio or reduce their exposure to market risk can do so without incurring costly fees or taxes.