That’s one option, u can buy an annuity paying around 7% and if u die within a few years the capital will form part of your estate, if not hard luck.
U of course have to kiss goodbye to your capital.

Another option is to buy a portfolio of ‘secure’ paying Investment Trusts, currently yielding 8% plus and u retain all your capital. As long as u don’t sell the golden geese it should continue to lay golden eggs until u cross the bar.
Different strokes for different folks.