My Father passed away about five years ago and he had several annuities. What I remember (it was five years ago, so a little CRS), that there were some conversion options that my mom could make and some buy out options. It differed with both annuties he owned.

I agree with PP. Find out from the insurance company exactly what the options are. Be careful - since the annuity holding company probably doesn't want to lose your money so they may be biased on which option to take. I also made sure to be in the middle of the discussion, since mom did not like high pressured insurance sales people.

Jim