Annuities...are they a crap shoot?

My wife has a broker acquaintance that wants her to invest her
retirement fund (all of it) in a Pacific Life annuity. The annuity is
supposed to double your money in 10 years or sooner. I noticed on the
cover of the Pacific Life brochure that it states "may lose money"

What sort of guarantee do these things have if the company goes belly
up? With today's rocky financial climate how safe are these investment
vehicles? BTW, I think my wife would have to pay $6600 in commissions
on this deal.

Thanks

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