Guarantees are backed by the Financial Strength and claims-paying ability of issuing company. Life Insurance and annuity products: Are not deposits. Are not guaranteed by a bank or its affiliates, are not insured by the FDIC or any other federal government agency. Annuities are designed to meet long-term needs for retirement income. They provide guarantees against the loss of premium and credited interest, and the reassurance of a death benefit for beneficiaries.