This courses provides a thorough orientation to the variable annuity and its application for long-term asset accumulation and income distribution. The course focuses on how these products are designed and how they function, as well as their benefits, costs, and limitations. It examines how these products are funded and the many investment options and techniques they offer. The course explores the application of variable annuities for retirement income distribution, and explains how these unique products are taxed. The course looks at the new living benefit riders which offer guarantees for the protection of principal and income. Finally, the course takes a critical look at the suitability of these products, and examines the needs for which they are—and are not—appropriate.