Annuities are a Good Thing. Really, they are!
Annuities, like I said in the title are a smart choice.
In exchange for a lump sum of cash at the beginning, you receive guaranteed income for the duration of the annuity. This means that if you get injured or lose your job, you have a cushion to fall back on instead of just a hard brick wall.
There are some drawbacks, namely the possibility of taxes being raised in the intervening time between deposit and payment. An annuity can also be useful to preserve your income tax bracket in case of winning or inheriting a large sum of money.
You do want to be careful that you maintain a state of fiscal solvency, however, as penalties can sap the principal on the annuity faster than you can say bankruptcy.
Also be careful of companies willing to buy your annuity and give you a sum of cash. Often times it equals out to having taken out a loan for the amount of money they offer you at much steeper rates than a standard loan would be.
In conclusion, annuities are a great way to secure your future from the effects of the future.