Sneakers41-The thing to keep in mind with annuities is that they are really a retirement product, so if you try to take your money back after the term is up, then you will be charged ordinary income tax, if you are under retirement age.
This is why when you enroll in an annuity you are leaving the funds in place long term. If you need money within a few years, this is not the right investment because you will have to pay surrender charges along with early withdrawal penalties.
A bank representative can call the insurance company and prepare a hypothetical for you to give you an idea of the type of money you will earn.
I always hear Suze Orman saying to stay away from variable annuities because once you start to invest in them, it is difficult to get out of them and they offer such paltry variable interest rates that you are better off investing that money in the market yourself and watch it grow instead of making money for the insurance company.