Can I convert my variable annuity to a different type of annuity?

Yes, it is often possible to convert a variable annuity into a different type of annuity, such as a fixed annuity or a fixed indexed annuity. However, the process depends on the specific terms and conditions set forth by The Variable Annuity Life Insurance Company, as well as the regulations in your state. This conversion process is referred to as a "1035 exchange," which allows individuals to transfer assets from one annuity to another without incurring immediate tax liabilities. It is worth noting that while this option may provide the flexibility you seek, there are important factors to consider including any potential fees, differences in benefit structures, and overall performance of the new annuity. Furthermore, the new annuity may come with different investment options or features which could impact your long-term financial strategy. Before proceeding with any conversion, it is advisable to examine the specific details related to your current variable annuity and the new product you are considering. It may also be beneficial to research more information on the official website for accurate details on contact methods for getting personalized assistance.