Why it earned this rating
Our assessment
Pinnacle Plus 5-Year sits in the sweet spot of Delaware Life's Pinnacle Plus MYGA family. Five-year MYGAs typically credit meaningfully better rates than three-year contracts, and the moderate 8%/7%/6%/5%/4% surrender curve is competitive in its peer group.
The short version
For a buyer who wants tax-deferred fixed-rate growth on a five-year horizon with a brand-name carrier and a moderate surrender curve, Pinnacle Plus 5-Year is a credible mainstream choice. What makes it appealing is the rate competitiveness vs. the 3-year sibling and the four-period family that supports laddering. What keeps it from a top-tier rating is the year-1 free-withdrawal mechanic and the lack of any income rider.
Key facts
The full review
Is Delaware Life Pinnacle Plus 5-Year a Good Annuity?
Yes, for the right buyer. This is a good annuity for someone who wants principal-protected fixed-rate growth over five years from a brand-name carrier with a moderate surrender curve. It is less appealing for buyers who can comfortably commit longer (the 7- or 10-year siblings typically credit better rates) or for buyers who want shorter-term liquidity than a 5-year MYGA can offer.
Why Someone Would Buy This Annuity
The main reason to buy Pinnacle Plus 5-Year over the 3-year is rate — five-year MYGAs almost always credit better rates because the carrier can amortize its hedging budget over more years. The secondary reason is the four-period family — buyers can ladder across 3, 5, 7, and 10-year periods on the same Pinnacle Plus chassis without buying separate contracts.
Who This Annuity Is Best For
I think this annuity is best for someone using long-term retirement money on a five-year horizon, who values brand recognition and predictability, and who can meet the $25,000 minimum. It is less attractive for buyers who can comfortably commit for seven or ten years (typically better rates) or for buyers who specifically want guaranteed lifetime income.
What You're Really Buying Here
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-year period. Your principal and credited interest are not exposed to market risk, and there are no contractual fees deducted, so the credited rate equals the rate you earn.
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 five years. Interest compounds within the contract. At the end of the five-year guarantee period, you can renew, withdraw, surrender, or annuitize.
Why the Secondary Feature Matters
The most meaningful secondary feature is the **family breadth**. Pinnacle Plus offers 3, 5, 7, and 10-year guarantee periods on the same policy form. That makes the family well-suited for laddering — buyers can split larger premium amounts across multiple periods to balance rate and liquidity needs.
Liquidity and Surrender Schedule
The 5-year surrender curve is 8%, 7%, 6%, 5%, 4%, then zero. After the first contract year, you can take up to 10% of last contract anniversary value (or RMD if greater) without surrender charge or MVA. Withdrawals above that amount during the surrender period are subject to surrender charges and MVA. RMDs 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 Pinnacle Plus. The credited rate is the rate you earn. The MVA can move cash value up or down depending on the rate environment. The main structural caution is the year-1 free-withdrawal mechanic — only RMDs are exempt in year 1. Buyers expecting a 10% free withdrawal in the first contract year will find that allowance only kicks in starting year 2.
Product snapshot
| 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 (qualified or nonqualified) |
| 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 |
| MVA | Yes, during surrender period; waived at death |
| Systematic withdrawals | Annual, semiannual, quarterly, or monthly; $100 minimum, $5,000 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 |
| Policy form | ICC22-DLIC-MYGA |
Carrier snapshot
Pinnacle Plus 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.
Final take
Pinnacle Plus 5-Year is the most commonly relevant member of the Pinnacle Plus family — five years is the sweet spot for U.S. MYGA buyers. The contract has no fees, a moderate surrender curve, and brand-name carrier backing. The honest caution is that the year-1 free-withdrawal mechanic is RMD-only, and direct rate comparison against credible carrier competitors matters before committing. For buyers prioritizing brand and family flexibility, this is a strong option in its peer group.
- Death Benefit
- Greater of account value or surrender value on the date due proof of death is received; MVA waived at death
- Minimum Guaranteed Surrender Value
- 87.5% of premiums at 1-3%
- RMD Treatment
- RMD-friendly: surrender charges waived on IRS required minimum distributions.
- Withdrawal Provisions
- Systematic withdrawals allowed annually, semiannually, quarterly, or monthly (minimum $100), subject to maintaining the $5,000 minimum account value. If a required RMD exceeds the free withdrawal amount, the full RMD may be taken without a surrender charge.
- Waiver Riders
- Nursing home and terminal illness surrender-charge waivers (liquidity waivers, not an ADL-based chronic illness income benefit). Nursing home waiver requires purchase before age 76; both require a 1-year waiting period.