Can You Cash Out Annuities? 
A deferred annuity can be surrendered at any time . Surrender charges , which are a percentage of the value of the contract , apply for a term specified in the annuity . Before surrendering an annuity make sure that you understand the tax consequences . If the annuity is an immediate annuity or has started distributing a lifetime stream of income , most companies will not allow the contract to be surrendered 