As you already know the Fed has been raising interest rates in order to curb inflation. This has caused many insurance companies that issue fixed annuities and fixed indexed annuities to also raise their rates regarding fixed rates, cap rates, and participation rates.
If you’re working with a bank to find the right annuity for your objective, then you may be limited in what they offer. Many banks will only offer a handful of annuity products and many of them are watered-down versions only offered through the banking platform. You may find a different version of the same annuity offered through the independent advisor/agent channel that may be more advantageous and have more features or better rates.
Also, if you’re dealing with a brokerage firm or what we call in the industry ‘Broker Dealer’ they may be inclined to recommend only their proprietary annuity products designed for their company. Also, if you’re working with a ‘captive agent’ this means that they only work for one company and will only recommend annuities issued from their insurance company.
By working with an independent financial professional who has access to all insurance companies that issue annuity contracts to make an informed decision you will be confident that you made the right decision. See Top Annuity Rates