@dfoster85 - Yeah, it's not super comfortable, is it? Couple of things. First of all, the gynecological speculum comes in plastic. I find that a plastic speculum weighs less than the metal one and that makes it less painful. If you've always had metal ones, ask your doctor if s/he has, or would consider getting, a plastic one.
Also, you mention annual exams, but you may not need annual Pap tests (the usual use for the speculum). The American Congress of Obstetricians and Gynecologists recommends a tests every two years, not every year, for women between twenty-one and thirty. After age thirty and three normal results in a row, you can go to every third year. If your doctor is still pushing the annual Pap, bring your facts and say no to unnecessary testing.