Variable Annuitization

See: Variable Annuity.

When an insurance product is variable, it usually means that the buyer of it is accepting some kind of investment or market risk when they do so. That is, if the money is invested well, then the annuity will have paid out way better dough than had the money been invested poorly.

So when you have variable annuitization, you just create a set of investment pieces, make them into the structure of an annuity (you pay in x for so many years, having the insurance parameters kick in right away, and then you get paid out over so many years). Magic.