Question regarding investment expenses

More than ten years ago, we purchased an annuity and funded it with loans taken against paid-up life insurance policies. We receive an annual payment from the annuity that is treated as taxable income. My question is whether the interest payments on these loans can be deducted as investment expenses.

IRS publication 550 chapter 3 states:

Investment property. Property held for investment includes property that produces interest,
dividends, annuities, or royalties not derived in the ordinary course of a trade or business.

and...

If you borrow money to buy property you hold for investment, the interest you pay is investment interest. You can deduct investment interest subject to the limit discussed later.

I'd just like confirmation that I'm interpreting this publication correctly, and that I can enter the total of our interest expense for these specific loans as investment expense in the deductions section of TurboTax.

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