The living annuity focuses on income flexibility and investment choice with capital balance transferrable at death. This contrasts with the goal of the life annuity, which is a guaranteed income for life and the capital protector, which is guaranteed income for life, with original capital invested refunded at death.
The focus on flexibility in the living annuity is a trade-off against the guaranteed income for life offered by the other options. If the income you draw is higher than the growth in your chosen investment funds, you use up your capital and you can run out of money too early, so managing your income draw and monitoring your investment growth regularly is an important part of owning a living annuity.