Why it earned this rating
Our assessment
Retirement Stages Select 7-Year adds a longer rate-lock to the same multi-index Precision Portfolios, flexible-premium chassis, and S&P 500 bailout provision that the 5-year sibling offers. Longer-duration FIAs typically credit better caps and participation rates.
The short version
For an accumulation-focused buyer who wants a 7-year FIA from a brand-name carrier with multi-index diversification and a real bailout safety valve, Retirement Stages Select 7-Year is a credible mainstream choice. What makes it appealing is the rate competitiveness vs. the 5-year sibling and the bailout provision. 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 7-Year a Good Annuity?
Yes, for the right buyer. This is a good annuity for someone who wants principal-protected indexed accumulation on a seven-year horizon, 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 need a shorter exit or who want lifetime income.
Why Someone Would Buy This Annuity
The main reason to buy Retirement Stages Select 7-Year over the 5-year is rate — longer-duration FIAs almost always credit better terms because the carrier can amortize its hedging budget over more years. The secondary reason is the bailout safety valve — even at the longer term, you get a real out if the S&P 500 cap deteriorates at renewal.
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 can comfortably commit for seven years, values brand-name backing, and wants the bailout provision plus the option to add premium over time. It is less attractive for buyers who need shorter-term liquidity or who specifically want guaranteed lifetime income.
What You're Really Buying Here
You are buying tax-deferred indexed accumulation in a 7-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. The 1-year fixed account is also available.
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). Premium is allocated across 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. At a longer 7-year duration, that safety valve matters more — it caps your downside if rates and caps deteriorate over the contract life.
Liquidity and Surrender Schedule
The 7-year surrender curve is non-rolling at 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 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. 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 8% early-year surrender — early exits are expensive.
Product snapshot
| Feature | Details |
| --- | --- |
| Product type | Fixed index annuity |
| Surrender period | 7 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 / 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 |
| 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 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
Retirement Stages Select 7-Year is a credible 7-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, and the longer commitment typically funds better crediting terms than the 5-year sibling. The honest caution is the 8% surrender start and the absence of any income rider. For accumulation-focused buyers who can commit for seven years, this is a good option in its peer group.