21.   A variable annuity is essentially a mutual fund in a life-insurance wrapper.

22.   A wide gap is also apparent in sales of variable annuity insurance policies.

23.   A variable annuity is a mutual fund inside a tax-deferred wrapper.

24.   Aetna was ninth last year in sales of variable annuities, tax-deferred saving plans that offer mutual-fund like returns.

25.   Allmerica is by no means the largest seller of variable annuities, but investment products account for a large percentage of its overall business.

26.   But financial experts suggest that many people who buy variable annuities would be better off investing in mutual funds alone.

27.   But fairly straightforward variable annuities with low fees do exist, and, lately, the costs for these basic models have fallen even lower.

28.   But for now, a lot of companies offering variable annuities are practically minting money.

29.   But many variable annuities now step up the guaranteed amount at a fixed percentage or as the market value of the investment rises.

30.   But many states, including New York, Florida, and Texas, protect some assets in variable annuities from creditors.