Ask what the fees are and penalty if you take the money out of the new annuity in a year or two. I do not think you will like the answer.
I think you want to look for someone to help you make a choice. I would try a few CPA firms since they do not sell annuities and ask that the person works with annuities as they probably do not for most.
An immediate annuity is what you want for minimum cost and maximum payout to you.
You mentioned the work bank. In my opinion never buy investments from a bank. Annuities should not be sued as an investment.
Shop around for an immediate annuity and let the salesman tell you what is wrong with the proposed annuity. If you want monthly income then go for the immediate annuity.
If you go for an immediate annuity let the selling company transfer the old annuity from that company to you. You do not want to get any of the proceeds as it could cost you taxes.
If you want to cash out you can probably take out what ever dollars you want. Could spread over several years. Note the first 200000 will be taxed as income and your income will be a lot higher so your tax bracket will also be high. You could have say 25 to 30% Federal tax (guess) plus state tax.
You have a good start researching before you start talking to professionals.
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