What Is A Deferred Variable Annuity Contract? 
An annuity takes a sum of money and converts it into a lifetime income stream . A deferred annuity allows accumulation of funds but carries that option of converting it into a lifetime income stream . The Variable Deferred Annuity allows the annuitant to select from a range of securities those that will be used to accumulate money towards their retirement . Only agents with a FINRA Series 6 are authorized to sell this type of annuity . 