I'm not so sure I should enter the fray as it looks like maybe the point of beating a dead horse has come
. States do not guarantee annuities or any other type of insurance product. States do require all admitted insurors to participate in a pool for the lines of business they write business in that provides some protection to policyholders. If I purchase an annuity from a company that goes under the other insurors in the state that provide annuities all of the other annuity providers have to participate in making me whole up to a certain limit which varies by state.
Annuities are neither evil nor excellent. They are a tool that is useful for some and not for others. They are not an investment so by comparing them to stock and bond returns is running off of the track. When one purchases an annuity one is purchasing an income stream to last the rest of their life regardless of what happens in the equity markets. One may purchase an annuity because while a mixed stock and bond portfolio may return 8%+ the market may also go down and it may do so for a long period of time. Then what? If I rely strictly on my portfolio I could conceivably run out of money but with an annuity I know I have an income stream coming in as long as I live.
For those that complain that one could die the day after purchasing one and lose their money, that's the nature of the beast. I could also purchase one and live way beyond my normal life span and then I would have made out like a bandit. You can't have it just one way as it works both ways. That's what insurance is; a pooling of risks. Besides there are workarounds for this issue if it really concerns one.
To the argument that the insurors make money. Of course they do as that's what the free enterprise system is about. Do the market makers for your stocks and bonds make money
Do insurors make exorbitant money? I would say not because if they did their profits would be so high we wouldn't buy their annuities but would in fact buy their stock.
I probably will not buy an annuity in my lifetime but I can see where it is a distinct advantage to some to do so. The arguments I've read that say it is a bogus deal are specious and lacking an understanding of the product.
As for the OP, at your age, it most likely is not a good deal. Annuity payout are based upon a return of your premium, interest income (not stock gains) and survivor credits. From the reading I have done, survivor credits really don't start working until one hits their seventies.
If you want to know more about annuities there is an excellent book called annuities for dummies that I recommend. Also, google Larry Swedroe who knows more about investments and annuities than anyone on this forum. Also the recommendation of Dr Wade Pfau is a good suggestion as well.
With whatever you decide, good luck!