My father updated that their personal banker at their bank advised them to deposit a large sum of their assets in an annuity. They were told that the annuity would provide them 9% interest in income yearly (which still wouldn't cover their independent living facility expenses), but they would not have access to the principle, especially if (most likely when) they did not outlive the term of the annuity - handing over a large chunk of their assets to the bank.
The financial planner appointed by my parent's elder law attorney advised my parents against this annuity, that the banker has not taken their best interests into account.
Doing a quick Google search, I see many articles about the how annuities have become forms of elder abuse, particularly when the term length of the annuity is not revealed.
Is an annuity a legitimate income source for my parents, or are they being pushed something that is against their best interest?