Can you convert life insurance to annuity?

Can you convert life insurance to annuity?

Through what’s known as a 1035 exchange, you can convert your life insurance into an income annuity without paying taxes on your gains. You’ll give up the death benefit, but you’ll no longer have to pay premiums, and you’ll lock in income for the rest of your life (or a specific number of years). Dec 3, 2012