My annuity has turned out pretty good. But, in hindsight, I would not do it again. In a year where we had maxed out on 401k's and other stuff, DW inherited $15k. I put it in a Fidelity VA. It now sits at $100k. So a compounded rate of 8% or so.
The pro's: couldn't touch it so I did not spend it, no taxes so far, don't need to take it out for many years. One of the big index funds, VFIAX didn't start until 11/13/2000. Today some will say: "Just buy an index fund". Although there were index funds back then, they were not widely known (I didn't know much about them). So, it seemed like a good idea, back in 1994.
The cons: all gains are taxed at ordinary rates. An index fund would be at cap gains rates. That mortality charge is more than $0. In 2019, you have so many better choices than there were back in 1994. Subject to financial stability of insurance company.