Start with the surrender schedule
Many deferred annuities are designed to be held for years. The contract may charge a fee when withdrawals exceed a stated amount during the surrender period. The charge often declines over time, but the schedule varies.
Ask about the free-withdrawal amount
Some contracts permit a portion of value to be withdrawn each year without a surrender charge. "Free" usually means free of that specific contract charge. Taxes, tax penalties, market value adjustments, and effects on contract benefits may still apply.
A market value adjustment can change the result
Certain contracts adjust surrender or withdrawal value using a formula tied to interest-rate conditions. The adjustment may be positive or negative. Ask for examples in both directions.
Income benefits can be affected
A withdrawal can reduce more than cash value. It may also reduce a benefit base, future income amount, death benefit, or rider value—sometimes proportionally.
Keep emergency money separate
Before committing funds, discuss near-term expenses, health costs, home repairs, required minimum distributions where applicable, and the cash reserve available outside the annuity.
A licensed professional can map the actual withdrawal rules to your expected needs. That is faster and safer than trying to infer liquidity from a product headline.