With the U.S. stock market brushing all-time highs again this week, many investors are chasing further gains — and some are trying to truncate potential losses.

You can do that with what’s called a fixed indexed annuity, a cross between an insurance contract and a market-tracking index fund. Such a product typically offers a minimal guaranteed annual return along with an assurance of no losses in years when the stock market drops. In exchange, it delivers less than the full gain on stocks in years when the market goes up. It may also assure retirement income and some protection against inflation to boot….

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