I have read several comments about annuities in this thread. Partial knowledge can be dangerous. Annuities are a bit more complex than most understand–including licensed annuity salespersons and fee only financial advisors and financial planners. Same regarding cash value life insurance policies.
Legal advantages vary by jurisdiction–which is usually state by state.
Different investment strategies can be structured with the use of annuities to both guarantee return of principle plus interest while still protecting against inflation.
Just like there are good, bad, competent, and exceptional professionals in law, medicine, real estate and other fields, there are good, bad, competent, and exceptional professionals in the financial planning field. Requires both legal knowledge/expertise and financial product knowledge/expertise.