It really depends on what your overall financial needs are.  It is true that a certificate of deposit or CD is insured and less costly than an annuity, but an annuity and a CD serve very different financial purposes.  With a CD, inflation risk, longevity risk, and reinvestment risk likely need to be considered.

A more effective way to approach this question would be to consider what your overall financial needs might be.  In addition, consider your feelings about investing in the market, how much income in retirement will you need, etc.

Once an overall financial needs profile is established, it makes sense to consider and discuss the pros and cons of a wide range of potentially appropriate financial products.  Simply choosing a financial product based on FDIC insurance or product fees could lead to a financial plan that might not be at all suited to your long-term financial goals.

In other words, start with a solid financial planning foundation and then make the specific product selections fit appropriately within the context of that plan.