I am by no means an annuity expert, but you will want to get a handle on what fees you are paying, what benchmarks your performance is based on, the surrender value, and whether there are any surrender fees. Once you get a better understanding on that, you can determine what you want to do with this; surrender, annuitize, etc. One other option, if the fees are egregious or performance is sub-standard, is to do a 1035 exchange to another low-cost annuity. No taxes would be due on such an exchange and you might benefit from a better performing and lower cost annuity. You have some additional research to do.
Because of the complexity of annuities and the uniqueness of your situation with your child, I’m not sure that keeping the money in an annuity is the right choice for you. Personally, I find annuities confusing. I think that someone has to be pretty financially savvy to determine if they are appropriate, but then if they have that much financial savvy-ness, they can probably do better by investing on their own. If it was just you who you had to worry about it, then no big deal. But if you want to ensure your child inherits something, then navigating the annuity maze to ensure you can take money out and the fees don’t eat everything may add a lot of complexity to achieving that goal.
If you are not paying the advisor, then likely they are acting also as a salesperson. They are supposed to have your best interests in mind, but they are also trying to sell their own products. They’re not giving you advice for free. It’s like going to the Toyota dealer to get advice on what kind of car is right for you. Surprise! They recommend you get a Toyota. And a high-priced one at that. Because of your situation, I’d advise you to go to an independent advisor who you pay for advice rather than a free advisor who gets a cut of your investments.
I dunno - this is where advice from a fiduciary is going to worth a billion times more than free advice from a bunch of Dopers. Annuities offer exactly what the OP describes wanting - lifetime income for themselves and a death benefit for their son. We don’t know the exact details of the annuity or its fees, but the OP may prefer the simplicity of a single product, rather than pairing a life insurance policy with an income fund, or whatever the alternatives may be.
Newer annuity products do seem to be more fee-sensitive, but consumers rarely understand them (hell, most advisors don’t completely understand them).