Need help on Education Fund for Grandchild 
Yes , there are different investment choices for you that I specialize in . As for annuities is taxable at withdrawal . You can invest them in another type of life policy that can accumulate cash value . Also as for the child there are options like 529 college plans . Also life insurance to give you this investment option . In other words you may make a full investment instead of using annuities and at your age get a better plan designed to protect your as estate and have income for your grandchildren . 