In addition, some are simply withdrawing money from banks altogether, which is perilous for the banks because they rely on deposits to be able to fund loans, credit lines and other financial products that grease the wheels of the economy and enable banks to make money.
Variable annuity products are exponentially more profitable to their issuers than almost any other retail investment, so lots of money (skimmed from investor accounts) is available to help make the sale and shall we say, grease the wheels.