Fifth Third offers fixed or variable annuities, both of which allow you to defer taxes on your earnings. You can choose to receive income from your annuity for life and can set up the pay-out to cover your spouse's lifetime as well. Annuities do permit tax-free withdrawals for nursing home care, health care costs and other hardships. Most variable annuities provide a guaranteed death benefit, and all fixed annuities guarantee payment of the current contract value to the beneficiary at the time of death.