Fixed annuities are long-term contracts that require purchasers to have confidence that their benefits will be paid decades down the line. With the near-failure of insurance giant AIG still fresh in people’s minds, it’s understandable why some might be wary.

But there is ample evidence that annuity contracts will be honored in full. That’s largely because, unlike commercial and investment banks, life-insurance companies weathered the financial crisis with relative ease. The Government Accountability Office estimates that of the 1,100 life insurers operating during the crisis, just 12 were placed into liquidation. And the life-insurance industry is quick to point out that those insurance companies that failed were all small, with less than $1 billion in total liabilities.

This low failure rate was largely due to a regulatory system that requires insurance companies to hold high amounts of capital invested in especially safe assets like corporate bonds and government securities. And insurance companies are generally less leveraged than other financial institutions, insulating insurers from large swings in asset values.

The state regulators that oversee the insurance industry have backstops in place to address at-risk insurance companies. Regulators typically engage with stressed companies before they fail—and it usually works. In the rare case of failure, state regulators aim to ensure that all benefits are paid through guaranty funds that pay out benefits, up to a limit, should the need arise.

The rock-solid track record of life insurers means that the products they sell—namely fixed annuities—probably deserve more recognition as a strategy for insuring against not only downturns in the stock market, but the whims of Congress as well. For the 51% of Americans who are worried that a Social Security check might not be around in the future, buying a private annuity is one strategy for locking in a steady income in retirement.

Not all insurance companies are equally safe, and consumers have options for making sure they’re protected. Checking insurers’ ratings is one easy option. Buying from a larger insurer that operates in most states, and therefore is subject to review by multiple regulators, is another strategy. Consumers can also purchase annuities from several different companies, or buy from a platform that diversifies across insurers, to protect against the failure of a single firm.

Still, annuities aren’t quite as certain as death and taxes. One development that hasn’t received much attention is the growth in “shadow reinsurance,” which is when life insurers transfer their contracts to less-regulated entities. A 2016 study by economists Ralph S.J. Koijen and Motohiro Yogo found that among insurers practicing shadow reinsurance, the share of contacts subject to the shadow system skyrocketed from 2% to 25% between 2002 and 2012. This shift has yet to result in higher failures, but it’s worth watching.

Much to the chagrin of many economists, annuities have yet to become a part of the typical retirement portfolio. Indeed, there are plenty of valid reasons to eschew these products, such as lack of flexibility, high fees, and desire to leave heirs a generous inheritance. But when it comes to reliability, it’s tough to beat a fixed annuity.

Benjamin Harris (@econ_harris) is a visiting associate professor at the Kellogg School of Management and was the chief economist to Vice President Joe Biden.