In a perfect world, there would be no downside. We'd never lose in Vegas, we could eat fattening foods without increasing our cholesterol or bulking up our waistline and we could get juicy stock market returns year after year without any risk.

Unfortunately the world is not perfect. But some believe it is possible to find equity returns without risk using a complex hybrid insurance product called equity-indexed annuities (EIAs), also known as fixed-indexed annuities.

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