Phil is an employee who participates in his employer's group carve$-$out plan. He is interested in using the individual universal life insurance policy in the plan to increase his total retirement income when he retires. If he wants to avoid taxes on the retirement income he receives even though his policy has a very substantial gain, what strategy should he consider implementing?

a$.$ take cash value withdrawals up to his cost basis and then switch to policy loans

b$.$ annuitize the cash value as a life income

c$.$ surrender the policy and transfer the funds to a Roth IRA

d$.$ implement a tax$-$free exchange to an endowment contract