Your client, Larry, would like to discuss the features and benefits available to him by investing in a deferred fixed annuity. As a financial representative, you should discuss all of the following with Larry, EXCEPT:

A. The deferred fixed annuity also offers various underlying sub-accounts, including several fixed income options.

B. The interest rate for the deferred annuity is guaranteed for a stated period of time.

C. A deferred annuity offers tax-deferred growth.

D. Earnings distributions from a deferred annuity are taxed as ordinary income upon withdrawal.