A lot depends on your need to use the money, and whether this is part of a larger sum, or your only savings I see no need to invest in a deferred annuity at this stage of life. There is a SALESMAN or woman at your credit union who will get a nice commission from this product!! And if you try to get out of this product you’ll definitely take a “haircut” on your investment.
I know that CDs of 1 year or less pay almost nothing, but you can’t lose a penny! And if rates rise, you’ll be glad you have the cash to reinvest at higher rates. that’s why I call it “chicken money” — money you can’t afford to lose. And the mantra of the Chicken Money investor is: I’m not so concerned about the return ON my money, as I am about the return OF my money!