31.   But sales of variable annuities are cruising along.

32.   But the second is already under assault from insurers, who want to protect the tax benefits of variable annuities.

33.   But the new product does not shelter your investment gains from taxes, as variable annuities do.

34.   But this portfolio is nicely set up, focusing on solid and proven, mostly conservative, funds and variable annuity accounts.

35.   But there are situations in which variable annuities can make a lot of sense for certain investors.

36.   Buyers of variable annuities tend to be people approaching retirement who worry that they will not have enough money to see them through.

37.   Consider the performance of another Value Line mutual fund that is available only through a variable annuity or other insurance product.

38.   Deferred variable annuities are bought earlier in life, either with a lump sum or a series of payments.

39.   Despite the clunky name, variable annuities, a savings vehicle that blends insurance and mutual funds, are catching fire among investors.

40.   Despite these positive steps, most people still should not buy a variable annuity as an investment or an insurance vehicle.