Delaware Life Apex Control 5-Year review

Yes, for the right buyer. This is a good annuity for someone who wants principal-protected fixed-rate growth over five years with a gentler-than-typical surrender curve and the buyer-friendly 1-year renewal default. It is less appealing for buyers who can comfortably commit for seven years (typically better rates) or for buyers who specifically want lifetime income.

The main reason to buy Apex Control 5-Year is to access typically more competitive rates than the 3-year sibling while keeping the same buyer-friendly contract structure — gentler surrender, renewal flexibility, multi-period allocation at issue. The secondary reason is the brand and form-set — Apex Control uses Delaware Life's current-generation MYGA chassis, so the contract terms reflect contemporary design rather than legacy rules.

I think this annuity is best for a buyer using long-term retirement money on a five-year horizon, who values rate competitiveness and structural flexibility, and who can meet the $25,000 minimum. It is less attractive for buyers who can comfortably commit for seven years (better rates typically available there) or for buyers who want shorter-term liquidity than a 5-year MYGA can offer.

You are buying a five-year fixed-rate guarantee in a tax-deferred annuity wrapper. The Initial Guaranteed Rate is set at issue and applies for the full five years. Apex Control's distinguishing structural features — gentler surrender curve, 1-year renewal default at term end, ability to split premium across multiple guarantee periods at issue — apply identically here as they do on the 3- and 7-year siblings.

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 five years. Interest compounds within the contract. At the end of the five years, you elect 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 the 1-year period.

The most meaningful secondary feature is the **multi-period allocation option**. At issue, you can allocate portions of your premium to different guarantee periods (subject to minimums). That means you can ladder a single contract — for example, half in a 3-year guarantee, half in a 5-year — without buying separate contracts. Combined with the 1-year renewal default, that gives buyers more granularity in shaping their MYGA exposure than a single-period contract allows.

The 5-year surrender curve is 8%, 7%, 6%, 5%, 4%, then zero. The first-year free withdrawal is your guaranteed interest rate × premium (or RMD if greater); year 2+ is 10% of prior anniversary AV (or RMD if greater). MVA applies only to excess withdrawals during the multi-year guarantee period and is waived at death. Nursing home and terminal illness waivers can waive surrender charges after year 1 for qualifying conditions.

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. The structural tradeoffs are the year-1 rate-based free withdrawal (smaller than a flat 10% in most cases) and the standard 8% surrender start that early-year exits face.

| Feature | Details |

| --- | --- |

| Product type | Multi-year guaranteed annuity (fixed) |

| Initial guaranteed period | 5 years |

| Surrender period | 5 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 / 5 / 4 / 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 |

Apex Control 5-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.