1. People that are really bad with their money and will blow the little savings they have unless they give a chunk to the insurance company to make that money last. Same principal as winning the lottery and looking at lump sum vs annuity. Lump sum is obviously more attractive, but not if you’re an idiot
2. People that need more guaranteed income in order to make sure their basic living expenses are covered rain or sunshine. If they need 40k annually to cover basic expenses and SS and pension only add up to 35k i start calling annuity companies to see how big of a SPIA we’d have to do to get us that 5k. Sometimes it makes sense other times it doesn’t. With rates so low right now it’s hard to justify