One type of hybrid annuity is a fixed indexed annuity with a guaranteed lifetime income rider. The account value can go up, and it won’t lose money. Another type of hybrid annuity is a variable annuity with a lifetime income rider.
Deferred annuities have an accrual value where the principal balance is growing based on how the annuity is invested and other contract provisions. Once the annuity payments start, the contract is no longer in deferral and behaves from that point on as an immediate annuity in line with the contract provisions.
The options you buy with your annuity contract control how it behaves over time, and you can buy options to meet many different financial needs