From the workshop of hybrid annuities, buffer annuities have emerged as an increasingly popular annuity product that offers a cross between an indexed annuity and a variable annuity. Attractive to some investors who wish to participate in equity markets, buffer annuities combine features of variable annuities with structured products to limit losses and cap gains. However, most buffer annuities offer only a degree of downside protection. Given the fact that the underlying investments include complicated products like index options, investors can be exposed to significant risk that might not be apparent on the surface. This session will focus on the sales and commonly misunderstood features and risks of buffer annuities.