Depends on how much money we are talking about, at a small amount, lets say less than 2-3 million, I would take cash. Because cash managed correctly will make you more money by reinvesting.
If the money is a very large sum, I would consider taking annuity, because then I wouldn't have to deal with such a large sum of money all the time, and the amount I get is guaranteed, so even if I invest poorly or spend all I have at the time, I am guaranteed to get the same amount of money later on so I won't have to worry.
Of course, if I can get a financial accountant I can trust and a good trustful lawyer, then cash all the time.
If the money is a very large sum, I would consider taking annuity, because then I wouldn't have to deal with such a large sum of money all the time, and the amount I get is guaranteed, so even if I invest poorly or spend all I have at the time, I am guaranteed to get the same amount of money later on so I won't have to worry.
Of course, if I can get a financial accountant I can trust and a good trustful lawyer, then cash all the time.
