Terminal cancer and hospice by 70? How do you want to spend those last 6 months, and what's the value in having an active role in directing what would be inheritance towards those people and causes that matter most to you?
Major unexpected medical issue with a spouse or loved one that requires support beyond basic govt coverage? Maybe you want the option to tighten your belt a bit more that last decade so you can make a difference now.
Have a positive experience with parents or grandparents at end of life? Or an unnecessarily difficult one?
How about the economic situation of other family members and cultural expectations and family history when it comes to caring for elders?
Sure, every financial possibility can be offset by another, and maybe annuity pricing equates $1M lump sum to $5k/mo. But reducing all the personal values that go into someone choosing one vs. another as an illusion of wealth or poverty seems so absurdly academic and out of touch with the basic humanity we each have.