Why it earned this rating
Our assessment
Pinnacle Plus 7-Year typically funds competitive seven-year rates, has a moderate 8%/7%/6%/5%/4%/3%/2% surrender curve, and supports the full four-period laddering family.
The short version
For a buyer who wants tax-deferred fixed-rate growth on a seven-year horizon with brand-name carrier backing, Pinnacle Plus 7-Year is a credible mainstream choice. What makes it appealing is the rate competitiveness vs. the 5-year sibling and the longer rate-lock in a falling-rate environment. What keeps it from a top-tier rating is the same lack of income rider that defines the entire MYGA category.
Key facts
The full review
Is Delaware Life Pinnacle Plus 7-Year a Good Annuity?
Yes, for the right buyer. This is a good annuity for someone who wants principal-protected fixed-rate growth over seven years from a brand-name carrier with a moderate surrender curve. It is less appealing for buyers who need shorter-term liquidity or who want lifetime income.
Why Someone Would Buy This Annuity
The main reason to buy Pinnacle Plus 7-Year over the 5-year 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 someone using long-term retirement money on a seven-year horizon, who values rate competitiveness and brand recognition, and who can meet the $25,000 minimum. It is less attractive for buyers who might need access within five years, or for buyers who specifically want guaranteed lifetime income.
What You're Really Buying Here
You are buying a seven-year fixed-rate guarantee in a tax-deferred annuity wrapper. The Initial Guaranteed Rate is set at issue and applies for the full seven-year period. There are no contractual fees, 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 seven years. Interest compounds within the contract. At the end of the seven-year guarantee period, you can renew, withdraw, surrender, or annuitize.
Why the Secondary Feature Matters
The most meaningful secondary feature is the **longer rate-lock**. In a falling-rate environment, a seven-year guarantee meaningfully outperforms a series of shorter-duration contracts that need to renew. The four-period family (3, 5, 7, 10) also makes laddering across the family straightforward without requiring separate contracts.
Liquidity and Surrender Schedule
The 7-year surrender curve is 8%, 7%, 6%, 5%, 4%, 3%, 2%, 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. 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 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 structural tradeoff is the seven-year commitment combined with the year-1 free-withdrawal mechanic — early-year exits are expensive even with the eventual back-end step-down to 2%.
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 | $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 / 3 / 2 / 0 |
| Free withdrawals | After year 1, 10% of last anniversary AV or RMD if greater |
| 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 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
Pinnacle Plus 7-Year is a competitive 7-year MYGA from a brand-name carrier. The fee-free structure, moderate surrender curve, and longer rate-lock are all real practical advantages. The honest caution is the seven-year commitment combined with the same 8% surrender start that the shorter siblings carry — early-year exits remain expensive. For buyers prioritizing rate and brand who can leave the money for the full term, this is a strong option in its peer group.