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About Delaware Life
Delaware Life Insurance Company, part of Group 1001, issued the first fixed index annuity in 1995 and remains a pioneering force in annuity innovation. Known for competitive MYGA and FIA products with accessible minimums and flexible crediting options, Delaware Life serves retirement savers across all major annuity categories. Their consistent A- financial ratings reflect solid claims-paying ability.
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How we scored them
Income Options84/100
Financial Strength82/100
Fees & Costs83/100
Flexibility81/100
Customer Service80/100
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The tradeoffs
What works
- History as the first FIA issuer with 30 years of product innovation
- Competitive MYGA rates across 3-7 year terms with accessible minimums
- Multiple income-focused FIA strategies with dual-path options (Ready/Build)
- Flexible crediting menus with specialty indices and Precision Portfolio presets
- Consistent A- ratings from all three major rating agencies
What to watch
- Not available in New York, limiting distribution reach
- Some products carry 10-year surrender periods that are longer than peer average
- Index crediting uses participation rates and volatility controls that can cap upside
- Mandatory GLWB fees on income products cannot be declined
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What you could receive
Estimated guaranteed lifetime income based on a single premium payment. Actual rates may vary.
| Investment | Age | Monthly | Annual | Guarantee |
|---|---|---|---|---|
| $100,000 | 60 | $530 | $6,360 | Lifetime |
| $250,000 | 65 | $1,530 | $18,360 | Lifetime |
| $500,000 | 65 | $3,060 | $36,720 | Lifetime |
| $1,000,000 | 70 | $7,100 | $85,200 | Lifetime |
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Fee schedule
| Fee type | Amount | Description |
|---|---|---|
| Annual Contract Fee | $0 | No annual product or administration fee on MYGAs or base FIA contracts |
| Income Rider Fee | 1.05% - 1.20% | Annual fee on withdrawal benefit base for income-focused products like TruePath Income and DualTrack Income |
| Surrender Charge | Varies by product | Declining schedule ranging from 5-10 years depending on product; MYGAs have 2-3% final-year charges |
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Early withdrawal penalties
Charges apply to amounts above the annual free withdrawal (typically 10%).
| Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 | Yr 6 | Yr 7 | Yr 8 | Yr 9 | Yr 10 |
|---|---|---|---|---|---|---|---|---|---|
| 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% | 0% | 0% |
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Best fit for these buyers
Savers seeking competitive fixed-rate growth with multiple renewal options
Pre-retirees planning lifetime income with flexible deferral strategies
Buyers who prefer accessible minimum investments on MYGA and FIA products
Ages 50-75 wanting principal protection with index-linked growth potential
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Frequently asked questions
Is Delaware Life a good annuity company?
Delaware Life earns an average rating of 4.0/5 across the 26 products we've reviewed, with an AM Best rating of A- and S&P rating of A-. Their financial strength is rated "Strong" with $50+ Billion in total assets. Delaware Life is particularly strong in overall value.
How much income can I get from a Delaware Life annuity?
Income depends on your investment amount and age. For example, a $500,000 investment at age 65 could generate approximately $36,720 per year in guaranteed lifetime income. A $250,000 investment at the same age could generate about $18,360 per year.
What are the fees for Delaware Life annuities?
Delaware Life charges Annual Contract Fee: $0, Income Rider Fee: 1.05% - 1.20%, Surrender Charge: Varies by product. Notably, there is no annual contract fee on the base contract, which is a competitive advantage.
What is the surrender period for Delaware Life annuities?
Delaware Life annuities typically have a 10-year surrender period. Charges start at 8% in year one and decline to 0% in the final year. Most products allow 10% annual free withdrawals without penalty.