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Annuities
A variable annuity is an annuity whose value rises and falls with the performance of investment sub-accounts the owner chooses. It is both an insurance contract and a security, so selling one requires a securities registration as well as a life insurance license. Fees for mortality, administration, funds and riders reduce returns.
Variable annuities draw the most regulatory scrutiny of any annuity type: FINRA rules on the securities side and state best-interest rules on the insurance side. Fee disclosure is central, because layered annual charges compound into a large difference over a long holding period.
The variable annuity calculator separates Gross Annual Return from Annual Fees and shows Cost of Fees (Lost Growth) beside Account Value and Surrender Value. An agency that is not securities-registered should not use this calculator to solicit variable annuity sales.
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