Cash Value

A feature of an annuity contract that specifies the value of the account accessible should the owner decide to withdraw from the policy. Depending on how long into the contract the withdraw is made and how large it is, a surrender/withdrawal fee might apply. Multi-Year Guaranteed Annuities, Fixed Indexed Annuities, and Variable Annuities all have cash values, where as income annuities (Single Premium Immediate Annuities and Deferred Income Annuities) do not.