The term "redemption of annuity" is commonly used in the financial industry to refer to the process of buying back an annuity from the owner in exchange for a lump sum of cash. However, there are several other terms that can be used interchangeably with this phrase, including annuity surrender, annuity buyback, and annuity termination. Each of these terms refers to the same basic process of paying out the full value of an annuity to the owner in one lump sum, rather than continuing to make periodic payments over time. Regardless of the terminology used, the redemption of an annuity can provide much-needed cash flow to the holder and a fresh start for the investor.