This is something that I will consider when the time comes to retire. There are a lot of things to consider.
There are annuities you can buy that give you cost of living raises but it cuts your monthly payment quite a bit. So if you get the immediate annuities without inflation protection, in effect you are getting your inflation adjustments in advance. So there are no easy answers on what to do.
I am thinking about an immediate annuity with a 10 year certain in case of my early demise. But I am 54 and there is a lot of time before I have to start thinking about this.
At least using the Vanguard service, you get a more objective view of your options. I suppose one could go to an insurance broker.
Not sure what I will actually do, but it is one tool in the toolkit.
A fool and his money are good for business.