I Have A Qualified Variable Annuity. What Is That Exactly? 
A variable annuity like a fixed annuity allows the owner to accumulate money on a tax deferred basis . Both types of annuities allow the owner to select a lifetime income to settle the contract . There are variations of that privilege but that is the basic benefit . The accumulation of money for the fixed annuity is guaranteed by the insurance company issuing the policy . The accumulation of money for the variable annuity allows the owner to select from a group of accounts , some of which are tied to publicly traded securities . The insurance company does not guarantee those securities that are tied to publicly traded securities . 