Yes, you can cash out an annuity if you need the money right away. Depending on the type of annuity you have purchased, and whether it is a lifetime or single premium annuity, there may be different regulations and restrictions for cashing out an annuity. Generally speaking, you will likely face surrender charges if you decide to cash out your annuity before the end of its term. In addition, any withdrawals from a deferred annuity are subject to income tax and possible early withdrawal penalties. Your policy may have a free-look or cooling-off period, in which you can cancel the policy without penalty. Check your policy documents for more details.