If you have already annuitized your annuity you no longer have access to the cash value. If not, you can surrender the annuity - you said you have passed the sales charge requirement - however you will have to pay ordinary income tax on the profit only. There is an invcome tax component when you annuitize. Your periodic payments are made up of two parts - similar to a mortgage (loan interest and principal) - partially growth profits and return of your own money. The portion that is made up of growth is taxable income. Unlike a mortgage, where your payments go first to interest and the balance to increase your equity, an annuity payments will bring the portion that is your own non-taxable money down to zero and your entire payment will be taxable.
Depending on your risk tolerance, you need to decide on the safety and guarantees of the insurance company vs the risk if investing.
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