The article may contain affiliate links from partners. The words, opinions, and reviews are our own. Learn how we make money to support our financial wellness mission.
A variable annuity is a contract between you and an insurance company, under which the insurer agrees to make periodic payments to you, beginning either immediately or at some future date.
Payment amounts from a variable annuity policy under is not guaranteed and specified in the policy, but which instead fluctuates according to the earnings of a separate account fund.