Annuities (possibly inferior to CPF Life) pay out as high as 8.6% of the premium each year, after a 10Y wait. Very attractive, but the liquidity is horrible. So before I commit myself, we need to decide:

Q1: how much premium to invest — knowing you can’t get anything out until the payout trickles in.
Q2: how long to wait (growth phase) before payout trickles in.
Q3: do I need surrender value to be at least equal to premium? By default, surrender value declines as the payout depletes it.

Note property has better liquidity and is my core portfolio.

A1: most likely I would prefer the smallest, $10k if possible. 100k would be too big a commitment. I believe the payout rate is independent of the premium quantity.

A2: I would probably prefer the shortest growth phase, which damages payout rate, perhaps down to 5 or 6%?

A3: no need.