Ron Lieber's New York Times article that cautions against index annuities misses many points. 

He cautions that they are too complicated yet they are no more complicated than a prospectus.  

He cautions that surrender penalties are of great concern, yet his alternative portfolio over any time period has  involuntary surrender (liquidation) values far less than the initial investment at many points.  Conversely, annuity surrender charges are in full control of the contract holder.  

He opines that the "high commissions" are problematic yet an 8% commission over 10 years is 0.8% per year yearly, paid by the insurance company, versus an average investment advisory fee of  1.5% paid by the investor.    

Countless financial experts believe we are in another prolonged secular market.  In the previous two secular markets an indexed annuity would have provided better returns with zero market risk compared to the DJIA including dividends reinvested.  As an investment advisor I find indexed annuity useful financial instruments.

Finally, the proof is in the pudding.  He writes, accurately, that over the last ten years an indexed annuity would be worth $176,478 as of October 24th 2008 while an investment into the S&P 500 would be worth $81,890. 

Opinions are wonderful but money in the bank is better.