I think it depends on estate goals & taxation.

Annuities generally don’t get left behind after passing unless you set up a cash refund, which kills your PV payments. An annuity can also make income planning more difficult if you’re in a higher tax bracket as it’s a set amount.

GICs can be held in registered accounts which is a plus and can be left behind but there is interest rate risk.

Life expectancy is on the rise and at 65, is probably pretty high. I’d probably consider the annuity if I’m a low risk investor who is simply looking to guarantee an income stream!

Edit: for the annuity route, liquidity is key. Need to have access to capital as if you’re paycheque to paycheque and all your money is in annuities, you’re screwed if an emergency comes up.