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Back to the OP:
You haven't said whether this annuity is trying to solve any cashflow shortfall from your other annuity, ie Social Security.
In general, annuities are expensive investments. A better alternative may be investing directly in bonds and laddering the maturities. A combination of treasuries, corporates and municipal bonds (especially if you live in a high tax state) could provide the same income stream without the fees. Plus they would be more liquid if you needed to sell.
The dynamic opportunity sounds a bit like what is being replicated with buffered ETFs, which would provide liquidity and low fees.
Another consideration is the change in the annuity market. Many traditional insurance firms are reinsuring market-sensitive liabilities (annuities) to reinsurers in Bermuda or to the private equity backed insurers like Athene (owned by Apollo) and Global Atlantic (owned by KKR). The reinsurers now assume the risk and have much more aggressive investment allocations to cover those liabs - more private credit, private asset backed securities, high yield bonds, whole loans. Since these firms are using the same allocations, their risk of collapse is correlated in a hard credit cycle. If they should collapse, the risk would revert back to the original/traditional insurer. Whether the original insurers have the capital to absorb the returning liabilities is still a question that the NAIC has to grapple with.
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