Defined terms for the annuity market and lifetime income landscape.
A variable annuity is an insurance contract under which the contract owner allocates premium to subaccounts holding investment options whose values fluctuate with market performance, with optional living-benefit and death-benefit riders providing contractually specified guarantees in exchange for explicit charges. Why it matters The variable annuity is the canonical hybrid arrangement in the lifetime income product universe. Without riders, it is fundamentally an investment accoun
