Why it earned this rating
Our assessment
TruSelect 5-Year is Delaware Life's value-tier 5-year MYGA with the same accessible minimum as Apex MYGA but a less buyer-friendly surrender curve and year-1 free withdrawal.
The short version
For a smaller-premium buyer who wants tax-deferred fixed-rate growth on a five-year horizon and specifically needs the low minimum, TruSelect 5-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 the steeper surrender curve and limited year-1 free withdrawal vs. other Delaware Life MYGAs.
Key facts
The full review
Is Delaware Life TruSelect 5-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 5-Year is acceptable. For most buyers, Apex MYGA 5-Year (same minimum, slightly steeper but eventually-tapering surrender curve, larger year-1 free withdrawal) is the structurally better starting point at the same accessible minimum.
Why Someone Would Buy This Annuity
The main reason to buy TruSelect 5-Year is the accessible premium minimum combined with brand-name carrier backing. The secondary reason is rate competitiveness — five-year MYGAs typically credit meaningfully better rates than three-year contracts in the same family.
Who This Annuity Is Best For
I think this annuity is best for a smaller-premium buyer who specifically wants a 5-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 $25K on Apex Control or Pinnacle Plus (gentler surrender curves) or who would do better at the same minimum on Apex MYGA.
What You're Really Buying Here
You are buying a five-year fixed-rate guarantee in a tax-deferred annuity wrapper. The Initial Guaranteed Rate is set at issue and applies for the full five-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 five years. Interest compounds within the contract. Premium can be allocated across multiple guarantee periods at issue.
Why the Secondary Feature Matters
The most meaningful secondary feature is the **multi-period premium allocation**. At issue, premium can be split across more than one guarantee period (3, 5, or 7-year) within a single contract — useful for laddering smaller premium amounts.
Liquidity and Surrender Schedule
The 5-year surrender curve is 8%, 8%, 7%, 6%, 5%, 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.
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. The structural tradeoff vs. Apex MYGA 5-Year is the front-loaded surrender curve (8/8/7/6/5 vs. 9/8/7/6/5) — TruSelect's curve doesn't step down in year 2, so years 1-2 are equally expensive to exit.
Product snapshot
| Feature | Details |
| --- | --- |
| Product type | Multi-year guaranteed annuity (fixed) |
| Initial guaranteed period | 5 years |
| Surrender period | 5 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 / 6 / 5 / 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 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
TruSelect 5-Year is the value-tier 5-year MYGA in Delaware Life's lineup. The accessible minimum and brand-name carrier backing are real, but the surrender curve and year-1 free withdrawal are less buyer-friendly than the rest of the family. For buyers who specifically need the lowest-minimum option, this is a good option in its peer group. For most buyers, Apex MYGA 5-Year at the same minimum is the better starting point.