North American Company states that it offers traditional fixed annuities and fixed index annuities. Traditional fixed annuities state a fixed interest rate that is guaranteed never to be less than a specific percentage, and the rate is guaranteed for a specific period. Fixed index annuities can have annual rate changes.
In fixed index annuities, the annuity contract interest rate is tied to a specific market index that the owner chooses annually. Once the interest rate is established, the rate is guaranteed not to decrease below a certain level, regardless of future market changes, according to North American Company. The company also offers immediate annuities, which guarantee the owner a stream of income ranging from a specified time period to the remainder of the owner's life.