Why it earned this rating
Our assessment
TruSelect 3-Year is Delaware Life's value-tier 3-year MYGA with the lowest premium minimum in the family. The 8%/8% surrender start and 5% year-1 free withdrawal hold the rating below the rest of the lineup.
The short version
For a smaller-premium buyer who specifically needs the low minimum and is comfortable with the steeper surrender start and lower year-1 free withdrawal, TruSelect 3-Year is a credible mainstream choice. What makes it appealing is the accessibility and brand-name carrier backing. What keeps it from a higher rating is that the rest of the Delaware Life MYGA family (Apex MYGA, Apex Control, Pinnacle Plus) offers structurally better terms in most respects.
Key facts
The full review
Is Delaware Life TruSelect 3-Year a Good Annuity?
It depends on the buyer. For a smaller-premium buyer who specifically needs the low minimum and cannot meet the $25K threshold on Apex Control or Pinnacle Plus, TruSelect 3-Year is acceptable. For most buyers who can meet a slightly higher minimum, the other Delaware Life MYGAs in the lineup (Apex MYGA at the same minimum, Apex Control or Pinnacle Plus at $25K) offer structurally better terms.
Why Someone Would Buy This Annuity
The main reason to buy TruSelect 3-Year is the low premium minimum combined with brand-name carrier backing. The secondary reason is the multi-period allocation feature — at issue, premium can be split across multiple guarantee periods (3, 5, or 7-year) within a single contract.
Who This Annuity Is Best For
I think this annuity is best for a smaller-premium buyer (under $10K nonqualified or under $5K qualified is below the minimum, but $10K-$25K is the practical sweet spot) who specifically wants a 3-year MYGA from Delaware Life and cannot meet the higher minimums of the other family members. It is less attractive for buyers who can meet $10K on Apex MYGA (better surrender curve) or $25K on Apex Control or Pinnacle Plus.
What You're Really Buying Here
You are buying a three-year fixed-rate guarantee in a tax-deferred annuity wrapper. The Initial Guaranteed Rate is set at issue and applies for the full three-year period. There are no contractual fees, no riders, no premium bonus.
How the Core Feature Works
You make a single qualified or nonqualified premium payment between $5,000-$10,000 (depending on plan type) and $1,000,000. The Initial Guaranteed Rate is declared at issue and locks in for three years. Interest compounds within the contract. Premium can be allocated across multiple guarantee periods at issue (subject to minimum allocation amounts).
Why the Secondary Feature Matters
The most meaningful secondary feature is the **multi-period premium allocation**. At issue, you can split your premium across more than one guarantee period (3, 5, or 7-year) — for example, split between a 3-year and a 5-year — within a single contract. That gives smaller-premium buyers a single-contract laddering option.
Liquidity and Surrender Schedule
The 3-year surrender curve is 8%, 8%, 7%, then zero. The free withdrawal privilege is 5% of total premium in year 1 and 10% of prior anniversary AV in year 2+ (or RMD if greater in either year). MVA applies on excess withdrawals during the surrender period and is waived at death. Nursing home and terminal illness waivers can waive surrender charges after year 1 for qualifying conditions (nursing home waiver requires purchase before age 76).
Fees and Tradeoffs
There are no contractual fees on TruSelect. The credited rate is the rate you earn. The MVA can move cash value up or down depending on the rate environment when you withdraw. The structural tradeoffs vs. other Delaware Life MYGAs are real: TruSelect's 8%/8% front-loaded surrender is steeper than Apex MYGA's 9%/8%/7% curve over years 1-3 (because TruSelect doesn't step down in year 2), and the 5% year-1 free withdrawal is half what Apex MYGA and Pinnacle Plus offer.
Product snapshot
| Feature | Details |
| --- | --- |
| Product type | Multi-year guaranteed annuity (fixed) |
| Initial guaranteed period | 3 years |
| Surrender period | 3 years |
| Issue ages | 18-85 |
| Minimum premium | $10,000 nonqualified / $5,000 qualified |
| Maximum premium | $1,000,000 per owner without prior approval |
| Plan types | Nonqualified, IRA, SEP-IRA, Roth IRA |
| Withdrawal charge schedule | 8 / 8 / 7 / 0 |
| Free withdrawals year 1 | 5% of total premium, or RMD if greater |
| Free withdrawals year 2+ | 10% of prior anniversary AV, or RMD if greater |
| MVA | Yes, during surrender period; waived at death |
| Multi-period premium allocation | Yes, subject to minimum allocation amounts |
| Systematic withdrawals | Annual, semiannual, quarterly, or monthly; $100 minimum, $2,000 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 |
Carrier snapshot
TruSelect 3-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
TruSelect 3-Year is the value-tier 3-year MYGA in Delaware Life's lineup. The accessible minimum and brand-name carrier backing are real, but the 8%/8% surrender start and 5% year-1 free withdrawal are notably less buyer-friendly than other Delaware Life MYGAs at similar or higher minimums. For buyers who specifically want the lowest-minimum option in the family, this is a solid option in its peer group. For most buyers, Apex MYGA at the same minimum offers a better starting point.