Why it earned this rating
Our assessment
TruSelect 7-Year is the longest-duration value-tier MYGA in Delaware Life's lineup. The longer guarantee typically funds the family's best rate while keeping the accessible minimum.
The short version
For a smaller-premium buyer who can commit for seven years and prefers a brand-name carrier with a low minimum, TruSelect 7-Year is the strongest member of the family. What makes it appealing is the typically higher rate and the accessible minimum. What keeps it from a higher rating is the front-loaded surrender curve and the better starting point that Apex MYGA 7-Year offers at the same minimum.
Key facts
The full review
Is Delaware Life TruSelect 7-Year a Good Annuity?
It depends on the buyer. For a smaller-premium buyer who specifically needs the low minimum and can commit for seven years, TruSelect 7-Year is acceptable. Most buyers at the same minimum will find Apex MYGA 7-Year structurally better (gentler year-2 surrender step-down and larger year-1 free withdrawal).
Why Someone Would Buy This Annuity
The main reason to buy TruSelect 7-Year over the 5-year is rate — seven-year MYGAs almost always credit better rates because the carrier has more time to amortize its hedging budget. The secondary reason is the longer rate-lock — in a falling-rate environment, a seven-year guarantee preserves your rate longer than a five-year contract that would need to renew sooner.
Who This Annuity Is Best For
I think this annuity is best for a smaller-premium buyer using truly long-term retirement money who specifically wants Delaware Life branding at the lowest minimum. It is less attractive for buyers who can meet $25K on Apex Control or Pinnacle Plus, or who would do better at the same minimum on Apex MYGA.
What You're Really Buying Here
You are buying a seven-year fixed-rate guarantee in a tax-deferred annuity wrapper. The Initial Guaranteed Rate is set at issue and applies for the full seven-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 seven 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 **longer rate-lock**. Seven-year guarantees outperform a series of shorter-duration contracts in a falling-rate environment because the buyer doesn't have to renew at lower rates after three or five years.
Liquidity and Surrender Schedule
The 7-year surrender curve is 8%, 8%, 7%, 6%, 5%, 4%, 3%, 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 tradeoffs are the front-loaded 8%/8% surrender start (vs. 9%/8% on Apex MYGA, which steps down in year 2) and the 5% year-1 free withdrawal.
Product snapshot
| Feature | Details |
| --- | --- |
| Product type | Multi-year guaranteed annuity (fixed) |
| Initial guaranteed period | 7 years |
| Surrender period | 7 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 / 4 / 3 / 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 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
TruSelect 7-Year is the longest-duration value-tier MYGA in Delaware Life's lineup. The accessible minimum, longer rate-lock, and brand-name carrier backing are real. The honest caution is the front-loaded surrender curve and the limited year-1 free withdrawal compared with Apex MYGA 7-Year at the same minimum. For buyers who specifically need the lowest-minimum option and can commit for seven years, this is a strong option in its peer group.