First, you should know that annuities are classified as two types. There are immediate and deferred. If you choose immediate type, they will begin to pay you at regular intervals after you have made the initial investment premium. In the immediate case, you will get annuity rates that will be largely based on your age, gender, and the particular plan you choose. Hence this is the reason why you should plan ahead and seek the assistance of the financial professional when needed. What about the deferred type? In this case, deferred annuities will be paid into over a set period as defined in your contract. Although these plans are different, but they are similar in period of guaranteed interest that equal to the period of surrender penalty.