If you decide to withdraw your money from a deferred annuity during the surrender-charge period, the amount of your withdrawal may be subject to a surrender charge. In addition, earnings from a deferred annuity that you withdraw before age 59½ may be subject to a 10% federal tax penalty. Some annuities offer riders to make early withdrawals less costly, though.
Ultimately, an annuity is for someone looking for long-term growth or lifetime income. You should not buy an annuity if you might need access to the principal before the payout phase.