Why it earned this rating
Our assessment
Retirement Stages Select 5-Year pairs Delaware Life's accumulation-FIA chassis with a genuinely useful S&P 500 bailout provision, multi-index Precision Portfolios for one-decision diversification, and the flexibility of subsequent premium payments.
The short version
For an accumulation-focused buyer who wants a 5-year FIA from a brand-name carrier with multi-index diversification and a real bailout safety valve, Retirement Stages Select 5-Year is a credible mainstream choice. What makes it appealing is the bailout provision and the flexibility to add premium during the contract life. What keeps it from a top-tier rating is the 8% surrender start and the absence of any income rider.
Key facts
The full review
Is Delaware Life Retirement Stages Select 5-Year a Good Annuity?
Yes, for the right buyer. This is a good annuity for someone who wants principal-protected indexed accumulation on a five-year exit, values brand-name carrier backing and multi-index portfolio simplicity, and finds the S&P 500 bailout provision attractive. It is less appealing for buyers who can comfortably commit for seven years (typically better crediting terms) or for buyers who want lifetime income.
Why Someone Would Buy This Annuity
The main reason to buy Retirement Stages Select 5-Year is the combination of brand-name carrier backing, the bailout provision, and the multi-index Precision Portfolios that simplify allocation decisions. The secondary reason is the flexibility — Retirement Stages Select is a flexible-premium contract, meaning subsequent premium payments are allowed during the contract life (subject to the $500 minimum and $1M total cap).
Who This Annuity Is Best For
I think this annuity is best for an accumulation-focused buyer in their 50s, 60s, or early 70s who wants a 5-year FIA from a brand-name carrier and values the bailout safety valve plus the option to add premium over time. It is less attractive for buyers who can commit for seven years or who specifically want guaranteed lifetime income.
What You're Really Buying Here
You are buying tax-deferred indexed accumulation in a 5-year wrapper with a flexible-premium chassis. The contract uses index-based crediting strategies from world-class managers along with pre-set multi-index Precision Portfolios that bundle several indexes into a single allocation decision. There is also a 1-year fixed account if you want a portion in fixed-rate crediting.
How the Core Feature Works
You make an initial premium payment of at least $25,000. You can add subsequent premium payments of at least $500 (subject to the $1M total cap and the issue-age limit on subsequent payments — they are not permitted after age 85). Premium is allocated across one or more index strategies, multi-index Precision Portfolios, and/or the 1-year fixed account. At the end of each crediting period, indexed credits or fixed interest are applied to your account value.
Why the Secondary Feature Matters
The most meaningful secondary feature is the **bailout provision**. If the renewal cap rate for the S&P 500 1-year point-to-point with cap index strategy falls below the bailout cap rate at renewal, you can make a full or one-time partial withdrawal without surrender charge or MVA. That gives buyers a real safety valve if crediting terms deteriorate materially over the contract life — a feature most shorter-duration FIAs do not offer.
Liquidity and Surrender Schedule
The 5-year surrender curve is non-rolling at 8%, 7%, 6%, 5%, 4%, then zero — meaning all premium payments share the same surrender end date regardless of when they were added. 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 are exempt. Nursing home and terminal illness waivers can waive surrender charges after year 1 for qualifying conditions.
Fees and Tradeoffs
There are no explicit annual contract fees on Retirement Stages Select. The cost shows up indirectly in the crediting terms (caps, participation rates, spreads) on each strategy. The MVA can move cash value up or down depending on the rate environment. The structural tradeoff is the 8% surrender start — early-year exits are expensive — and the lack of any income rider.
Product snapshot
| Feature | Details |
| --- | --- |
| Product type | Fixed index annuity |
| Surrender period | 5 years (non-rolling) |
| Issue ages | 18-85 |
| Minimum initial premium | $25,000 (qualified or nonqualified) |
| Subsequent premium | $500 minimum (not permitted after age 85) |
| Maximum total premium | $1,000,000 without prior approval |
| Withdrawal charge schedule | 8 / 7 / 6 / 5 / 4 / 0 |
| Free withdrawals | After year 1, 10% of last anniversary AV or RMD if greater |
| MVA | Yes, during surrender period; waived at death |
| Crediting menu | Index strategies, multi-index Precision Portfolios, 1-year fixed account |
| Bailout provision | Available — full or one-time partial withdrawal without surrender charge or MVA if S&P 500 cap renews below bailout threshold |
| 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-FIA |
Carrier snapshot
Retirement Stages Select 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
Retirement Stages Select 5-Year is a credible 5-year accumulation FIA from a brand-name carrier. The combination of multi-index Precision Portfolios, flexible-premium chassis, and the S&P 500 bailout provision are real practical advantages over many short-duration FIAs. The honest caution is the 8% surrender start and the absence of any income rider. For accumulation-focused buyers who want a defined 5-year exit and a real safety valve on crediting deterioration, this is a strong option in its peer group.