A Life insurance policy can be exchanged for another life insurance policy, an endowment insurance policy or a non-qualified annuity.
An endowment insurance policy can be exchanged for a non-qualified annuity or another endowment policy. *The new endowment policy must provide for regular payments beginning at a date not later than the date payments would have begun under the contract exchanged.
A non-qualified annuity can be exchanged for another non-qualified annuity.