Final answer:
A Bankers Life Indexed Annuity provides a guaranteed rate of return above inflation, offering a balance of growth potential and security, with added features like cash value.
Step-by-step explanation:
Common features of a Bankers Life Indexed Annuity include the security of a guaranteed rate of return that exceeds inflation, which is valuable for long-term financial planning, especially for retirees concerned about inflation risk. Indexed annuities combine the possibility of higher returns linked to market indices with the safety of a traditional annuity. They are generally less liquid than bank accounts but offer more potential for growth, recognizing that liquidity, risk, and return are pivotal factors in investment choices. Additionally, these products may have features such as cash value, which can be borrowed against, similar to whole life insurance policies.