Only put money in a fixed annuity that you target as "safe money" or money that you do not want to put at market risk and may need to access for future income. 

Consider diversifying products as well as risk by putting savings or investments into more than one financial product.

Find out all the ways you can access your money (including in an emergency) without fees or charges (such as free withdrawals, death or hospitalization).

Find out all the fees and charges you may incur and when you would incur them.

Find out how long the charges apply if you surrender your insurance policy prematurely.

Make sure you understand the surrender fees and ask what features are available to you that allow for lump sum withdrawal or income payouts without surrender fees.  There are many products available that waive surrender fees upon death, terminal illness, nursing home confinement, unemployment and/or payout options over 5 years or more – make sure you are shown the product that has the features you need. 

Always make sure you understand what is being sold.  The product must make sense for you in your situation—it must be suitable for your personal financial goals, income needs and retirement planning objectives. 

Read all the disclosure documents for the product being sold and the contract.  If you don't understand something, ask.  

• State-approved marketing materials, sales information, and disclosures
• Financial and product suitability analysis before you buy
• Suitability review by the insurance company before you are issued a policy
• Disclosure forms and free-look period before you accept a policy