Why it earned this rating
Our assessment
Apex Control 3-Year is Delaware Life's buyer-friendly 3-year MYGA. The surrender curve starts at 8% (gentler than the 9% on Apex MYGA) and the 1-year renewal default at term end means buyers can effectively exit without surrender charges after the initial guarantee period ends.
The short version
For someone who wants tax-deferred fixed-rate growth on a defined three-year horizon and values flexibility around what happens after the guarantee period, Apex Control 3-Year is a credible mainstream choice. What makes it appealing is the gentler surrender start, the ability to allocate premium across multiple guarantee periods, and a clean 1-year renewal exit. What keeps it from being top-tier is the conservative rate environment that short MYGAs typically reflect.
Key facts
The full review
Is Delaware Life Apex Control 3-Year a Good Annuity?
Yes, for the right buyer. This is a good annuity for someone who wants principal-protected fixed-rate growth on a three-year exit, values brand-name carrier backing, and appreciates the renewal flexibility built into the contract. It is less appealing for buyers who can comfortably commit longer (the 5- and 7-year versions typically credit better rates) or for buyers who want guaranteed lifetime income.
Why Someone Would Buy This Annuity
The main reason to buy Apex Control 3-Year is to lock in a defined fixed rate for three years with a gentler surrender curve than competing MYGAs and a built-in escape valve at term end. The secondary reason is the optional ability to split your premium across multiple guarantee periods at issue, allowing you to ladder some money in 3-year and other money in 5- or 7-year periods without buying separate contracts.
Who This Annuity Is Best For
I think this annuity is best for someone using money they will need within three to four years (a CD-laddering alternative for example), who values brand recognition, and who can meet the $25,000 minimum. It is less attractive for buyers who can leave the money longer (better rates exist on 5- and 7-year MYGAs) or for buyers who want a bigger free-withdrawal allowance in the first year.
What You're Really Buying Here
You are buying a three-year fixed-rate guarantee in a tax-deferred annuity wrapper. The Initial Guaranteed Rate is set when the contract is issued and applies for the entire three-year period. There is no participation in indexes, no optional living-benefit rider, no premium bonus — just a straight fixed-rate guarantee. The buyer-friendly differentiator vs. some competing MYGAs is the renewal mechanic.
How the Core Feature Works
You make a single qualified or nonqualified premium payment between $25,000 and $1,000,000. The Initial Guaranteed Rate is declared at issue and locks in for three years. Interest compounds within the contract. At the end of the three years, you elect either a new multi-year guarantee period (which resets the surrender period as applicable), a 1-year guarantee period, or surrender. The 1-year option is the default if you do nothing, and surrender charges do not apply during a 1-year guarantee period — meaning you can walk away from the contract surrender-charge-free during that year.
Why the Secondary Feature Matters
The most meaningful secondary feature is the **1-year renewal default**. Most MYGAs default to a new multi-year period at lower current rates, locking buyers into another surrender period if they don't act. Apex Control instead defaults to a 1-year guarantee where you can withdraw any amount without surrender charges. That changes the practical dynamic at term end — buyers have a real, low-friction exit window even if they miss the renewal notice.
Liquidity and Surrender Schedule
The 3-year surrender curve is 8%, 7%, 6%, then zero. The first-year free withdrawal is your guaranteed interest rate × premium (or RMD if greater) — meaningfully smaller than some competitors that offer a flat 10% from year 1, but more flexible by year 2 when the privilege becomes 10% of prior anniversary AV. The MVA applies only to excess withdrawals during the multi-year guarantee period and is waived at death. The nursing home and terminal illness waivers can also waive the surrender charge after the first year for qualifying conditions.
Fees and Tradeoffs
There are no contractual fees on Apex Control. The credited rate is the rate you earn. The MVA can move cash value up or down depending on the rate environment when you withdraw above the free amount. The structural tradeoffs are the rate-based year-1 free withdrawal (smaller than a flat 10% in most cases) and the same rate ceiling that all 3-year MYGAs face — the carrier has only three years to amortize its hedging budget, so caps come in lower than 7-year competitors.
Product snapshot
| Feature | Details |
| --- | --- |
| Product type | Multi-year guaranteed annuity (fixed) |
| Initial guaranteed period | 3 years |
| Surrender period | 3 years |
| Issue ages | 18-85 |
| Minimum premium | $25,000 |
| Maximum premium | $1,000,000 per owner without prior approval |
| Plan types | Nonqualified, IRA, SEP-IRA, Roth IRA |
| Withdrawal charge schedule | 8 / 7 / 6 / 0 |
| Free withdrawals year 1 | Rate × premium, or RMD if greater |
| Free withdrawals year 2+ | 10% of prior anniversary AV, or RMD if greater |
| MVA | Yes, during multi-year guarantee period; waived at death |
| Systematic withdrawals | Annual, semiannual, quarterly, or monthly; $100 minimum, $5,000 minimum AV |
| Annuitization | Maximum age 100; single life, single life with period certain, joint and survivor |
| Nursing home waiver | Available after year 1; issue age cap 75 |
| Terminal illness waiver | Available after year 1; issue age cap 69 |
| Death benefit | Greater of account value or surrender value |
| Renewal default | 1-year guarantee at then-current rate (no surrender charge or MVA) |
| Income rider | Not offered |
Carrier snapshot
Apex Control 3-Year is issued by Delaware Life Insurance Company, headquartered in Zionsville, IN. Delaware Life is a mid-sized U.S. annuity carrier that is part of Group 1001. The Apex line is a current-generation product family, and the contract uses base policy forms ICC24-DLIC-NRMYGA and DLIC24-NRMYGA.
Final take
Apex Control 3-Year is a clean, no-frills three-year MYGA with two genuine structural advantages over its main internal sibling Apex MYGA: a gentler 8%/7%/6% surrender curve and a 1-year renewal default that means term-end flexibility is built into the contract. The honest caution is that three-year MYGAs typically credit lower rates than 5- or 7-year contracts, and the year-1 free withdrawal is rate-based rather than a flat 10%. For buyers who specifically want the three-year exit and value renewal flexibility, this is a strong option in its peer group.