Which of the following is NOT a primary type of annuity?

A convertible annuity is not classified as a primary type of annuity. The primary types of annuities include fixed annuities, which offer guaranteed payments and a fixed interest rate; variable annuities, which allow for investment options that can affect the payout and value; and indexed annuities, which yield returns based on a stock market index, providing a balance between fixed and variable characteristics.

Convertible annuities, while they may exist as financial products, are not recognized as a principal category of annuity in standard classifications. This distinction highlights the specific ways in which annuities are structured and marketed to consumers, focusing on their financial goals, risk tolerance, and retirement planning needs, while ensuring that the major types—which are fixed, variable, and indexed—are clearly understood.