This depends on the annuity, but generally speaking, yes they can.
A Deferred Annuity can be fully liquidated at any time. However, at the beginning of the contract there is an "Early Surrender Charge" if you withdraw over a certain amount. Usually this amount is anywhere from 5%-15% that you can withdraw free of any charges.
An Immediate Annuity (or a fixed annuity that has been annuitized) has less options. But usually you are able to surrender the income stream for a certain percentage of the original deposit. However, there are usually time constraints on the percentage that is available.
A Deferred Annuity can be fully liquidated at any time. However, at the beginning of the contract there is an "Early Surrender Charge" if you withdraw over a certain amount. Usually this amount is anywhere from 5%-15% that you can withdraw free of any charges.
An Immediate Annuity (or a fixed annuity that has been annuitized) has less options. But usually you are able to surrender the income stream for a certain percentage of the original deposit. However, there are usually time constraints on the percentage that is available.