I heard about a type of annuity where some money is invested (I believe into the S&P 500) and other money is put into something like a CD. The contributor controls how much goes into the mutual fund.
The promise is that when it’s time to withdraw, say 6 years, no matter how bad the market does, you’ll get your money back at minimum (so you can’t lose).
Is this a legitimate and good investment? The promise that you can’t lose has me suspicious. I believe it’s offered by a business called Pacific Life but I couldn’t find it on their website.
Edit: I think this is an equity indexed annuity. But my question still stands on whether this is actually wise.