I can't imagine WHY you would even consider this! You have a growing income base, tax deferral, and you can take out as much as you want at any time -- or wait and turn on the income stream (which is different than "annuitizing" you know). Why would you pay taxes now on a Roth conversion? Instead your withdrawals can be taxed as taken. And meanwhile your promised income base is likely to keep growing based on a guaranteed base interest rate. And if you're worried about your investments, switch to the most conservative option inside the variable annuity.