What Is A Variable Annuity Life Insurance Policy? 
That is a great question ! Unless you are referring to the company by that name that is here in Houston , I think you might be confusing two separate things . There are variable whole life policies , and there are variable annuities , and both are insurance products , but they are vastly different things . Both have few guarantees on performance , and can make or lose money based upon the performance of the underlying investments . Variable products are generally considered securities , and are regulated by the SEC , while normal life insurance and annuities are not . Annuities require a period of time , at which point they pay out a stream of income ; Life insurance pays when you pass away . The only other thing that I could imagine is a variable policy that is offering an income stream for the payout , as opposed to the lump sum benefit that is normally paid . I 'd have to know more about what you were looking at to be sure . I hope that helps , thank you for asking ! 