True, annuities have no volatility. The moment you sign and give them your check the SPIA will always have a value of $0. If times get tough, you could always see what JG Wentworth will give you for your annuity.
The second part of giving them the check is the money starts appearing in the mailbox each month. Let's not forget that. If the checks are large enough, that makes up for the $0.00 balance. At least that's how I see (and calculate) it.
If you gave someone $1,000,000 at age 55 and they gave you back $150,000 a year for life, you would take it. I know those numbers are not even close but at some payoff even you non-annuity people would be begging to buy one. I can just be bought for much less (around a 6% IRR if I live to 86). Everybody has their price.
I owned BAC also at 37, thought I really missed out when it went to 42 after I sold it, but not now.