How does an annuity go away?

An annuity can "go away" or cease to provide payments through several mechanisms, such as the completion of its term, surrender by the owner, or the death of the annuitant if it's a life annuity. In a fixed-term annuity, payments stop once the agreed period ends. If the owner decides to cash out or surrender the annuity before the term is complete, they may receive a lump sum, but often with penalties. Additionally, if the annuitant passes away and the contract doesn't have a death benefit or survivor option, payments will cease.