But you don't have to buy an annuity. You can go into income drawdown and remain invested in whatever asset classes you want indefinitely. All passed on to your descendants when you die.
Good advice but you can still get burnt. I had one that fitted the description above but she had a nervous breakdown, lost her job and didn't tell me. she fell 2 months behind with the rent twice and I let her stay both times because the outstanding money finally turned up both times, courtesy...