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This is what I've been doing since about September. I have helped some people prevent a lot of lost principal. I wish I could have gotten to more before the melt down.
I was personally very fortunate. Read an article last summer about Buffett index indicator & high chance of big losses & little upside over 5-10 yrs. So, I moved 90% of my holdings out of equities & 100% of my parents holdings that I oversee. Laddered a lot of CDs & utilized existing 4% annuities I own from years ago. Got super lucky overall, just not sure how I will proceed back into equities over the next year or 2. Really, really conservative for my age.
Love the concept of FIA, but I think the cap & part rates will plummet