Considerations with life insurance include what type of policy (Permanent or Term), how much coverage, who will be the contract owner/beneficiary? Considerations with annuities involve your primary need (growth of funds for later or income now), safety vs market risk, how long of a time frame?
Estate planning is complex and typically involves the knowledge and services of your attorney, CPA, and life insurance professional working together. Issues covered include trusts and/or wills, who administers your estate, is life insurance beneficial? Most important is that the plan provides for what you desire to accomplish.
Choosing the most appropriate investment involves your answers to several questions. What do you want this money to do for you, when will this money be needed, what is your risk tolerance, what about income taxes? Because the answers can change over time, periodic review is essential.
