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Another good point but do you find that the spread always works in favour of the insurance company for both the annuity and the life insurance? By that they are charging more for the premium than necessary for profit and margin of safety and they are underpaying on the annuity for the same reasons - I think that when health is less than average the insurance premiums go up faster than the annuity payments do they not?

In the end I suppose you have to actually get the quotes on both before seeing if the strategy is viable for any one person's situation.

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