Annuities Request a Quote Annuities provide some protection against taxes for the investments within. There are two types of Annuities: Fixed and Variable.Fixed Annuities offer options which may help against the risk of living past your income.Variable Annuities offer options that may help you not worry about taxes on your investment. Before investing, understand that annuities are not insured by the FDIC, NCUSIF or any other federal government agency, and are not deposits or obligations of, guaranteed by, or insured by the depository institution where offered or any of affiliates. Annuities that involve investment risk may lose value. Fixed annuities are contracts purchased from a life insurance company. They are designed for long-term retirement goals. Withdrawals are subject to income tax, and withdrawals before age 59 1/2 may be subject to a 10% tax penalty.