Why it earned this rating
Our assessment
Apex MYGA 3-Year is Delaware Life's accessible-minimum 3-year MYGA with $10K NQ / $5K Q. The flat 10% year-1 free withdrawal is more buyer-friendly than Apex Control's rate-based mechanic, but the surrender curve starts at 9%.
The short version
For a smaller-premium buyer who wants tax-deferred fixed-rate growth on a three-year horizon and prefers a brand-name carrier, Apex MYGA 3-Year is a credible mainstream choice. What makes it appealing is the low premium minimum and the more generous year-1 free withdrawal. What keeps it from a top-tier rating is the steeper surrender start and the conservative rate environment that short MYGAs typically reflect.
Key facts
The full review
Is Delaware Life Apex MYGA 3-Year a Good Annuity?
Yes, for the right buyer. This is a good annuity for someone with a smaller premium amount who wants a defined three-year fixed-rate annuity from a brand-name carrier with a flat 10% year-1 free withdrawal. It is less appealing for buyers with $25,000+ who could access the Apex Control sibling at a gentler surrender curve, or for buyers who can comfortably commit for longer terms.
Why Someone Would Buy This Annuity
The main reason to buy Apex MYGA 3-Year is accessibility — the $10K nonqualified / $5K qualified minimum opens the contract to buyers who cannot meet the $25K threshold on Apex Control. The secondary reason is the year-1 free withdrawal mechanic — a flat 10% from year 1 is more generous than Apex Control's rate-times-premium approach in the first year.
Who This Annuity Is Best For
I think this annuity is best for a smaller-premium buyer who wants a brand-name 3-year MYGA and values the low minimum and flat 10% year-1 free withdrawal. It is less attractive for buyers who can meet the $25K Apex Control minimum (where the surrender curve is gentler and the 1-year renewal default applies) or for buyers who can comfortably commit for 5 or 7 years.
What You're Really Buying Here
You are buying a three-year fixed-rate guarantee in a tax-deferred annuity wrapper with a lower premium minimum than the sibling Apex Control. The Initial Guaranteed Rate is set at issue and applies for the full three-year period. There are no contractual fees, no riders, no premium bonus — just a straight fixed-rate guarantee.
How the Core Feature Works
You make a single qualified or nonqualified premium payment between $5,000 (qualified) or $10,000 (nonqualified) and $1,000,000. The Initial Guaranteed Rate is declared at issue and locks in for three years. Interest compounds within the contract. The contract uses Delaware Life's MYGA chassis, which allows premium to be allocated across multiple guarantee periods at issue (subject to minimum allocation amounts).
Why the Secondary Feature Matters
The most meaningful secondary feature is the **flat 10% year-1 free withdrawal**. Apex Control's year-1 free withdrawal is rate-times-premium, which is meaningfully smaller than 10% in most rate environments. Apex MYGA's flat 10% from year 1 gives buyers more first-year liquidity, which can matter if you are funding the contract with money you might need access to in an emergency.
Liquidity and Surrender Schedule
The 3-year surrender curve is 9%, 8%, 7%, then zero. The free withdrawal privilege is a flat 10% of total premium in year 1 and 10% of prior anniversary value in year 2+ (or RMD if greater in either year). Withdrawals above that amount during the surrender period are subject to surrender charges and an MVA. RMDs calculated by the carrier are exempt. Nursing home and terminal illness waivers can waive surrender charges after year 1 for qualifying conditions.
Fees and Tradeoffs
There are no contractual fees on Apex MYGA. The credited rate is the rate you earn. The MVA can move cash value up or down depending on the rate environment. The structural tradeoff vs. Apex Control is the steeper 9% surrender start and the absence of the 1-year renewal default — Apex MYGA does not have the same buyer-friendly term-end mechanic.
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 | $10,000 nonqualified / $5,000 qualified |
| Maximum premium | $1,000,000 per owner without prior approval |
| Plan types | Nonqualified, IRA, SEP-IRA, Roth IRA |
| Withdrawal charge schedule | 9 / 8 / 7 / 0 |
| Free withdrawals year 1 | 10% of total premium, or RMD if greater |
| Free withdrawals year 2+ | 10% of prior anniversary AV, or RMD if greater |
| MVA | Yes; waived at death |
| Multi-period premium allocation | Yes, subject to minimum allocation amounts |
| Systematic withdrawals | Annual, semiannual, quarterly, or monthly; $100 minimum, $2,000 minimum AV |
| Annuitization | Maximum age 95; 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 |
| Death benefit | Greater of account value or surrender value |
| Income rider | Not offered |
Carrier snapshot
Apex MYGA 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.
Final take
Apex MYGA 3-Year is Delaware Life's accessible-minimum 3-year MYGA. The low premium threshold and the flat 10% year-1 free withdrawal are real strengths for smaller-premium buyers. The honest caution is that buyers who can meet the $25K Apex Control minimum will usually get a structurally better contract (gentler surrender start, 1-year renewal default). For smaller-premium buyers who specifically need the lower minimum, this is a good option in its peer group.