Delaware Life TruePath Income review

Yes, for the right buyer. TruePath Income is a well-constructed income annuity for someone who is committed to a lifetime income strategy and wants to lock in a guaranteed withdrawal benefit with a meaningful roll-up rate. It is a poor fit for someone who wants accumulation without a standing rider charge, or who expects to need more than the free withdrawal amount during the surrender period.

The primary reason is guaranteed lifetime income with a predictable benefit base growth mechanism. Whether you choose Ready or Build, the withdrawal benefit base grows at a defined compound rate — independent of market performance — for up to 10 years. That gives you a knowable income floor before you ever turn withdrawals on. The secondary reason is the Rising income option: for buyers who want the possibility of inflation-adjusted income over time, the rising strategy ties annual withdrawal increases to credited index interest, including a 100% performance multiplier.

I think TruePath Income is best for pre-retirees in their late 50s to early 70s who have a clear timeline for when they intend to start income. The Ready strategy suits someone 3–7 years from income who wants the 25% upfront benefit base boost. The Build strategy suits someone with 10 or more years until income who wants to maximize the compound roll-up. Both work best for buyers who will not need to access more than the free withdrawal amount during the deferral window. Joint-life buyers and spouses planning spousal continuation will find the joint coverage option makes sense here.

You are buying a structured income promise backed by Delaware Life's balance sheet. The benefit base — the number that determines your lifetime withdrawal amount — is not your account value. It is a separate ledger that grows at the roll-up rate you elect, then gets multiplied by the withdrawal percentage tied to your age at income start. Your account value continues to grow (or not) based on credited index interest, minus the annual 1.20% GLWB charge. If the account value ever reaches zero due to normal lifetime withdrawals, income payments continue regardless. That is the core insurance guarantee.

The GLWB operates in two phases — accumulation and distribution.

In accumulation, you elect either Ready or Build at issue. Under Ready, your benefit base starts at 125% of premium (the 25% upfront bonus applies to first-year premiums only), then compounds at 6.75% annually for up to 10 years or until you start income, whichever comes first. Under Build, your benefit base starts at 100% of premium and compounds at 9.75% annually for the same period. In years when your account value exceeds your benefit base, an automatic annual step-up locks in that higher value — giving the benefit base a ratchet to indexed gains as well.

In distribution, you multiply your benefit base by the lifetime withdrawal percentage for your age at income start. At 65, that percentage is 6.11% (level, single life) or 4.31% (rising, single life). Joint life percentages are each reduced by 0.50%. The result is your annual withdrawal amount. Under the level strategy, that amount stays fixed unless a step-up occurs. Under the rising strategy, your annual withdrawal can grow each year your account earns credited interest — using a 100% performance multiplier on the combined index and fixed account return.

The chronic illness income multiplier is meaningful and often overlooked. If you become unable to perform at least two of the six activities of daily living and meet eligibility requirements, Delaware Life will double your annual withdrawal amount — up to 200% of your base — for up to five years at no additional cost, even if the account value has reached zero. The multiplier resets to the original withdrawal amount when the five-year period ends or when you no longer meet the criteria. This is not a long-term care policy, and you must be at least 60 at activation, but for buyers who want some impaired-care protection baked into an income annuity without paying a separate chronic care rider fee, it is a genuine differentiator.

TruePath Income carries a 10-year surrender charge schedule starting at 10% and stepping down 1% per year. A market value adjustment applies to withdrawals and surrenders above the free amount during the charge period, which can increase or decrease the actual penalty depending on interest rate direction. The free withdrawal amount is 10% of total premiums paid in year 1, then the greater of 10% of the prior anniversary account value or your RMD in subsequent years. RMDs are fully accommodated without triggering a surrender charge even if they exceed the free withdrawal percentage.

Nursing home and terminal illness waivers are available — allowing penalty-free withdrawals — after the first contract year, subject to eligibility criteria and state availability. The nursing home waiver requires contract purchase before age 76. Even with these provisions, TruePath Income is not a product to buy if you expect to need frequent or large mid-term withdrawals.

The base contract has no annual product fee, administration charge, or M&E charge. The only standing cost is the mandatory GLWB rider at 1.20% of the withdrawal benefit base annually, with a maximum cap at 1.95%. That charge is deducted from the account value, so it can drag on account value growth — particularly relevant if credited interest is modest in a given year.

The crediting menu uses participation rates and caps rather than direct index exposure, so upside is limited. Several specialty indices embed volatility control features or internal costs that further reduce how much of the index movement flows through to credited interest. The surrender period is a full 10 years — longer than many income FIA peers — and MVA exposure during that window is a real liquidity risk if rates have risen since purchase.

| Feature | Details |

| :--- | :--- |

| Product Type | Fixed Index Annuity (Income FIA) |

| Surrender Period | 10 years (10%, 9%, 8%, 7%, 6%, 5%, 4%, 3%, 2%, 1%) |

| Issue Ages | 45–85 |

| Minimum Premium | $25,000 (Q and NQ) |

| Free Withdrawal | Year 1: 10% of premiums; Year 2+: greater of 10% of prior AV or RMD |

| MVA | Yes; waived at death |

| MGSV | 87.5% at 1–3% |

| Death Benefit | Greater of account value or surrender value |

| GLWB | Mandatory; Build (9.75% roll-up) or Ready (25% bonus + 6.75% roll-up) |

| GLWB Rider Fee | 1.20% of benefit base annually (maximum 1.95%) |

| Minimum Income Age | 55 |

| Level Income — Age 65 | 6.11% (single); 5.61% (joint) |

| Rising Income — Age 65 | 4.31% (single); 3.81% (joint) |

| Chronic Illness Multiplier | 2x AWA for up to 5 years; no additional cost (not available in CA) |

| Nursing Home Waiver | Available after year 1; must purchase before age 76 |

| Index Options | S&P 500 (cap/trigger/PR), Nasdaq-100 Intraday Elite 15%, Goldman Sachs Canopy, First Trust Capital Strength Barclays 10%, Franklin SG Select, S&P 500 Dynamic Intraday TCA, Fixed Account |

| State Availability | All states except NY; CA variation |

Delaware Life Insurance Company is headquartered in Zionsville, Indiana. The company holds financial strength ratings of A- from A.M. Best (Excellent, 4th of 16), A- from S&P Global (7th of 21), and A- from Fitch (7th of 19), as of mid-2025. Delaware Life has a meaningful place in annuity history — the company introduced the first fixed index annuity to the market in February 1995 through its predecessor, Keyport Life Insurance Company. The company distributes through independent channels and is authorized in all states except New York, plus the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Group parent is 1001.