It depends on how you structure them, but generally yes. You can design your annuity to pay out whatever money is left over to a designated beneficiary. When you hear stories about "evil annuity companies" keeping your money if you pass away early, this only happens when someone designs their annuity for the absolute highest/maximum amount of income (usually called Life Only), in which case the annuity company would keep the money when the person passes away. However, most annuities are not structured this way and it's usually only done when the individual already has plans for a death benefit to be passed on (like life insurance).

It depends on the type of annuity you purchase, but most annuity companies allow you to withdrawal 10-15% of your accumulation value in any given year without penalty. Any more than that will be assessed a fee. If having access to the money in an annuity is important to you, make sure to bring this up with your agent/advisor so you can shop the best annuities for withdrawals.

It always depends on what your specific goals and situation are. This is why it's very important to work with a knowledgeable licensed agent/advisor that can help you identify which annuity is best for you. But for example, if you are already in retirement and want income now, you would like purchased a SPIA (Single Premium Immediate Annuity), of which you could add a "Life With Refund" option into the contract if you wanted to pass on any money leftover to a beneficiary. If you're looking to retire in 10 years, some type of DIA (Deferred Income Annuity) would be best. It just depends on what you're looking to accomplish and what your specific needs are. But this is one of the great parts about annuities. They are very customizable.

Contrary to what many people believe, most annuity products actually don't have any ongoing/annual fees. There are setup fees and of course a commission that gets paid to the agent that assists you (nothing out of pocket to you, paid by the company) in the beginning. But there are usually no ongoing annual fees for annuities. For example, SPIAs do not have annual fees and the commission to the agent ranges between 1 - 3%. DIAs also do not have annual fees and the commission ranges 2 - 4%. The annuity products that usually have annual fees are Variable Annuities and the Income Rider attached to a FIA.

The Accumulation Value is what is earning interest and what you have access to for partial withdrawals and/or if you were to cancel (surrender) the contract. The Income Rider Value is what is used to determine your lifetime income payments at the time you turn the income on.

Yes, but it's an optional rider you can attach to your annuity. So, most annuities do not automatically come with long-term care protection, unless you're specifically getting a Long-Term Care Annuity. It's important to discuss this with you agent/advisor to see if it makes sense and compare it to any long-term care insurance you already have.

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It all comes down to your age when you decide to turn on your income stream. The older you are, the higher your income payments will be. The company/product income payout ratio will also have an impact on the payment amount. That's why it's important to shop around and review different annuity options to make sure you're getting the best contractual guarantees.