For the people here saying "you can't get a contract before you buy", you couldn't be more wrong. Why would anyone buy a contractual product - which is what annuities are - without actually reading the contract? That's absurd. Now, does that mean there aren't unscrupulous annuity sellers out there? No. But annuities are contracts. Never, ever buy an annuity where you don't know what the contract guarantees.
I would easily and enthusiastically recommend anyone interested in the good, the bad and the ugly about annuities (and how they are often marketed) visit the "Stan The Annuity Man" website. This guy's motto is simple: ONLY purchase an annuity for what it contractually WILL DO, not what it MIGHT DO. There are other things to consider as to whether you actually need or should get an annuity, but insofar as what some sleazy salespeople might say, forget about what's "possible" with annuities. They are contracts. You're ONLY concerned with what is contractually guaranteed to you...period.
Stan The Annuity Man(R) | Brutally Honest Facts About Annuities is Stan's site.
He's got a ton of YouTube videos on all manner of annuities. He welcomes anyone who wants to challenge him (including you) on the value of annuities. So go ahead...challenge him. But in the meantime, get informed.
And guess what? He'd be the first person to advise you NOT to get an annuity if you didn't need one to contractually one of four possible needs: Principal Protection, Lifetime Income, Legacy and Long Term Care. That's his "PILL" acronym.
Annuities are NOT investments. They are NOT growth vehicles. They ARE a transfer of risk. If what you have are just stocks and bonds, you have assets. What happens with assets? People are afraid to sell them. People die with assets. Annuities are an income stream. The income comes every month. What do people do with an income stream? They spend it! Why? Because the same income is coming again next month. It's really that simple. "But...but...my stock portfolio has gained a ton this past year!" OK, are you cashing it in to actually -- wait for it -- enjoy it?
Watch this one video of Stan's about how to choose an annuity. Tell me after watching it that all he cares about is you buying annuities. You'd be lying if you did. In this one video (of many), he warns about sleaze ball sales people, he warns about people telling you what annuities "might do" vs. "contractually will do", he tells you that you may not even need an annuity, and he also tells you that there's absolutely still a need to have stocks/bonds and other traditional investments in your portfolio. Sound like someone who just wants you to spend all your money on annuities? Hardly.
Just watch...