Why it earned this rating
Our assessment
Apex MYGA 7-Year is the strongest accessible-minimum MYGA in Delaware Life's lineup. The longer guarantee typically funds the family's best rate while keeping the same low premium minimum and flat 10% year-1 free withdrawal.
The short version
For a smaller-premium buyer who can commit for seven years and prefers a brand-name carrier with a low minimum, Apex MYGA 7-Year is the strongest member of the Apex MYGA family. What makes it appealing is the typically higher rate, the accessible minimum, and the flat 10% year-1 free withdrawal. What keeps it from a top-tier rating is the steep 9% surrender start and the same lack of income rider that defines the entire MYGA category.
Key facts
The full review
Is Delaware Life Apex MYGA 7-Year a Good Annuity?
Yes, for the right buyer. This is a good annuity for someone with a smaller premium amount who wants the strongest rate in the Apex MYGA family and can commit for seven years. It is less appealing for buyers with $25,000+ who could access the Apex Control 7-Year sibling at a gentler 8% surrender start.
Why Someone Would Buy This Annuity
The main reason to buy Apex MYGA 7-Year over the 5-year version is rate — seven-year MYGAs almost always credit better rates because the carrier has more time to amortize its hedging budget. The secondary reason is the longer rate-lock — in a falling-rate environment, a seven-year guarantee preserves your rate longer than a five-year contract that would need to renew sooner.
Who This Annuity Is Best For
I think this annuity is best for a smaller-premium buyer using truly long-term retirement money on a seven-year horizon. It is less attractive for buyers who might need access within five years, who can meet the $25K Apex Control 7-Year minimum, or who specifically want lifetime income.
What You're Really Buying Here
You are buying a seven-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 seven-year period. There are no contractual fees, no riders, no premium bonus.
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 seven years. Interest compounds within the contract. Premium can 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 **longer rate-lock**. Seven-year guarantees outperform a series of shorter-duration contracts in a falling-rate environment because the buyer doesn't have to renew at lower rates after three or five years. The flat 10% year-1 free withdrawal mechanic also remains a real practical benefit compared with rate-times-premium designs.
Liquidity and Surrender Schedule
The 7-year surrender curve is 9%, 8%, 7%, 6%, 5%, 4%, 3%, 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). MVA applies on excess withdrawals during the surrender period and is waived at death. 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 when you withdraw. The structural tradeoff is the seven-year commitment combined with the steeper 9% surrender start — early-year exits are expensive, even though the back-end step-down is more gradual than on the shorter siblings.
Product snapshot
| Feature | Details |
| --- | --- |
| Product type | Multi-year guaranteed annuity (fixed) |
| Initial guaranteed period | 7 years |
| Surrender period | 7 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 / 6 / 5 / 4 / 3 / 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 7-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 7-Year is the strongest member of Delaware Life's accessible-minimum MYGA family. The longer guarantee typically funds the family's best rate, and the structural features — flat 10% year-1 free withdrawal, no contractual fees, brand-name carrier backing — work the same way as on the shorter siblings. The honest caution is the steeper 9% surrender start. For smaller-premium buyers who can commit for seven years, this is a good option in its peer group.