Which Is True Regarding Variable Annuities? 
A variable annuity is a contract issued by a life insurance company . It has the standard features of other annuities but the cash value is directed by you the policy owner . You select which funds will accumulate money . Depending upon the variable annuity and the options included you might be able to continue to direct the investments through the phase where the company is paying you a lifetime income . In that case your income during annuitization can rise and fall with the underlying values of the securities you selected . 