Questions on Life Annuity

Dear Sir,
After reading through your website, I have some doubts about the benefits of annuities.

1. Are the monthly payouts inflation proofed? If not S$1 is not worth so much in 20+ years.
2. Are there any tax benefits?
3. Are there any early cancellation costs?
4. How does the return compare with say STI ETF's over 20years?
5. Funds are locked in?
6. What are the exact costs as compared to say holding Equities for the same period?

It seems not to be so easy for the average person to gauge the exact returns over the life of the annuity. In such case only the sweet parts are mentioned to attract allay peoples fears. I would appreciate your view on my comments.

REPLY
My views are expressed in this FAQ:
http://www.tankinlian.com/faq/life.html